Austin, Houston Fuel Hot Housing Market

June 26, 2012 2:56 pm

Texas A&M Real Estate Center

AUSTIN – Citing recent real estate market data, RECON summarizes that Austin and Houston were among the Texas cities that reported increases in existing home sales and median home prices last month.

Austin had a 25 percent jump in existing home sales in May, according to the Austin Board of Realtors. The month’s 2,340 sales were the highest since August 2007. The median home price grew 10 percent to $215,000.

Houston-area sales in May jumped by 23.8 percent over May 2011, with agents reporting 6,185 single-family homes sold. The median price for single-family homes set a new record in May, up 7.1 percent to $168,000.

Meanwhile, home inventory is down in both cities. Listings fell 23 percent in Austin to a 4.4-month supply of homes, compared with a 6.8-month supply a year ago. Houston’s inventory reached a five-year low, dropping to 5.5 months.

Foreclosures are also making up a smaller portion of Houston property sales than before, dropping from 27.8 percent of sales in January to 17.8 percent in May.