Austin home prices slide, but still up in May

AUSTIN – Home sales were down in May, though the prices paid for those homes were still higher than they were a year ago, according to the latest monthly report by the Austin Board of Realtors.

ABOR said 2,767 homes sold in May. That’s a 2 percent decrease from May 2014.

At the same time, the median price for single-family homes rose 9 percent compared to May 2014 to $271,000, while the average price of single-family homes jumped 7 percent compared to May 2014 to $348,201.

The number of new single-family home listings on the market declined by 3 percent to 3,865 compared to May 2014.

But the number of active listings was up 6 percent to 6,323. The average number of days on the market for a single-family home increased two days to 42 days compared to May 2014.

Housing inventory made a minuscule gain, increasing to 2.7 months of inventory from 2.6 months. That is still more than three months short of what could be considered a healthy market supply.

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