Austin home sales jump 29 percent in May

AUSTIN – May was a strong month for home sales in Austin, according to the Austin Board of Realtors. The volume of home sales continued its upward trajectory, marking the most home sales in May on record with 2,991 single-family properties sold in the area, a 29 percent increase from the same month in 2012, MLS numbers show.

For-sale homes spend an average of 44 days on the market during the month — a drop of 19 days from May last year.

The median price of an Austin area home rose to $231,500 last month, an increase of 8 percent from the same month a year ago.

Pending sales have increased 10 percent from a year ago, and the area currently has 2.7 months of inventory — 1.7 months less than May last year.

Read more at the Austin Business Journal and Austin Board of Realtors.