The following sections describe trends in other sectors of the Austin real estate market.

$904,460,454 вЂ“ Total dollar volume of single-family properties sold, 40 percent more than May 2012.

2.7 вЂ“ Months of inventory* of single-family homes, 1.7 months less than May 2012.

2,857 вЂ“ Pending sales for single-family homes, 10 percent more than May 2012.

5,735 вЂ“ Active single-family home listings on the market, 24 percent fewer than May 2012.

3,735 вЂ“ New single-family home listings on the market, 11 percent more than May 2012.

44 вЂ“ Average number of days single-family homes spent on the market, 19 days fewer than May 2012.

$231,500 вЂ“ Median price for single-family homes, eight percent more than May 2012.

2,991 вЂ“ Single-family homes sold, 29 percent more than May 2012.

With these numbers, itвЂ™s important that our housing inventory remain strong to meet this unprecedented demand.вЂќ Additionally, the market featured 2.7 months of inventory in May 2013, which is 1.7 months less than May 2012.Д¬oneway adds, вЂњThe Austin Chamber of Commerce states that 150 people move to the Austin area every day, so itвЂ™s no surprise homes are selling at a rate not seen since 2001. In May 2013, the median price for Austin-area homes increased to $231,500, which is eight percent more than the same month in 2012. The market also featured 11 percent more new listings, 24 percent fewer active listings and 10 percent more pending sales in May 2013 compared to the prior year. The total dollar volume of single-family properties sold was $904,460,454, or 40 percent higher than the same month last year. This is a record month with nearly 3,000 single-family homes sold in May-an incredible trend I expect to continue through the summer.вЂќ On average, homes spent 44 days on the market, which is a decrease of 19 days from one year prior.Д¬athy Coneway, 2013 Chairman of the Austin Board of REALTORSВВ®, explained, вЂњThis is a great month for the Austin-area housing market. ThatвЂ™s a nerdy comment but I thought it a perfect analogy.ДЄustin-area home sales up 29 percent, most home sales for May on recordДЄustin Board of REALTORSВ® releases real estate statistics for May 2013ДЄUSTIN, Texas вЂ“ JвЂ“ According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORSВ® (ABoR), the volume of Austin-area home sales continues to rise, as May 2013 marked two straight years of sales volume increases and the most home sales in May on record.ДЄccording to the report, 2,991 single-family homes were sold in the Austin area in May 2013, which is 29 percent more than May 2012. Translation? Much like the expansion of the universe, this thing is speeding up and not slowing down. Ok, fair enough but the May numbers are up 10% from May 2012. You might say that IвЂ™m playing with numbers and not comparing the same months. So far this year, the average sales price has gone from a January number of $262K to a May number of $302K. That just takes January year over year sales into account but that is a significant increase to say the least. It was not that there were over 2900 homes sold in May or the fact that inventory was down 1.7 months from last year.ДЄs those of you that have followed my вЂњWritingвЂќ over the last 6-7 months might remember, I posted in January that the average home price in Austin rose from $225K to $262K from 2012 to 2013. There was one piece of information that I found particularly surprising. Mason thought that I would add a little comment to the recent MLS stats that I posted on the 20th. RefiвЂ™s are good for the economy but cloud the recovery a bit. Banks will actually loan money to new buyers and not just to people that already have homes. Less RefiвЂ™s will help add clarity to the mortgage/housing numbers. How? Banks have already seen a sharp drop in applications for refinance and will look to new higher rate mortgages to maintain profitability. The higher rates will loosen up underwriting standards and more people will be eligible for mortgages. My first mortgage in 2003 was a stratospheric 6.3%.

Justification for my madness is as follows: This might not be вЂњMuy PopularвЂќ but there are silver linings to the more than one point increase in rates from May to late June/July 2013. To the Austin natives, sorry for the confusion.Д«efore I get to the video, IвЂ™d like to provide a little commentary on the recent rise in mortgage rates. However, we thought that they were more in line with our вЂњCentral AustinвЂќ area map. Traditionally, West Austin includes parts of Clarkesville and Tarry Town. This weekвЂ™s video will provide quite a contrast as вЂњWest AustinвЂќ will get center stage.

I hope you all enjoyed the вЂњEast AustinвЂќ neighborhood video.

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