Central Texas home sales stay hot in May

This is from todays Austin Business Journal. I haven’t had a chance this month to do my own stats yet. The difference between the stats I run each month and the stats published by the Austin Board of Realtors, is that I filter out Condos and Townhomes and report only single family home sales.

Looks like May numbers are going to be good though.

Austin Business Journal – Wednesday, June 20, 2007
Austin area home sales posted their second month of increases in May.

Single-family home sales hit 2,679 last month, up 2 percent compared with May 2006 and a record for the month, according to the latest Multiple Listing Service Report from the Austin Board of Realtors.

The median price for single-family homes was $183,160 for the month, up 5 percent from a year earlier. Active listings are also on the rise, up 8 percent from last year to 8,821. Meanwhile, high demand has pushed the number of days homes sit on the market down 7 percent to just 55 days.

“This is an exciting time for the local real estate industry,” says Charles Porter, chairman of ABoR. “While the national market is slowing down, Austin continues to experience steady growth. And a healthy housing market benefits the entire local economy.”

Home prices appreciated more than 10 percent in the first quarter of the year, according to figures from the Office of Federal Housing Enterprise Oversight. That’s more than double the national appreciation rate of about 4 percent. Across Texas, homes prices rose nearly 7 percent year-over-year.

2 thoughts on “Central Texas home sales stay hot in May”

  1. How can home prices appreciate “more than 10% in the first quarter” and yet only be up 5% from a year earlier.
    I guess its theorhetically possible but unlikely or maybe I’m reading the numbers wrong.

    That means if I bought a 100k house on Jan 1, then it would be worth 110k at the end of March. If that 110k house in March is up 5% from last March, then the house would have been at about 104500.


  2. > How can home prices appreciate “more than 10% in the first quarter”

    That comment means “first quarter sales this year compared to first quarter sales last year”. Not that homes increased in value 10% between Jan and March. Out market is good, but not that good.


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