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Jun 28

Austin housing market update: Home sales jump 29%, set record for May

austin housing market update may 2013Austin housing market update: May 2013

Central Texas home sales continued to rise in May, as volume rose 29% over the last year — a record for May.

Local real estate agents say that multiple offers are common in the current market as housing demand continues to outgrow supply. Homes spent an average of 44 days on the market in May.

Some local real estate agents say the frenzy could be tapering off as mortgage rates start to rise.

Local agent Peach Reynolds said that “a few months ago, you could get a 30-year fixed rate at 3.25 percent. Today it’s about 4 percent, which is a big difference.”

[Read more]

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