New Listings in the Austin region increased 0.3 percent to 2,601. Pending Sales were up 36.6 percent to 2,324. Inventory levels shrank 28.5 percent to 5,949 units.
Prices rallied higher. The Median Sales Price increased 10.4 percent to $195,000. Days on Market was down 22.2 percent to 65 days. Absorption rates improved as Months Supply of Inventory was down 42.3 percent to 2.6 months.
It's important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.