Average price for all of Austin for May is $263,151, up from $241,722 last month, and up from $250,156 a year ago. This is breaking the trend over the last 9 months where the 2008 monthly average was lower than the 2007 average. It's encouraging to see that increase. The Median Price at $196,120 has also made gains above last month and the year before.
It's great to see those numbers as they buck the trend in a positive way, however it's not time to start celebrating yet. I still see a lot of houses sitting on the market and most buyers expect to negotiate.
I think the national news has a lot to do with this. Always talking about a bad economy and housing market, they keep a lot of buyers on the fence waiting to see how the economy will turn out. Without these buyers it takes longer to absorb the amount of homes that are already on the market. When these buyers come back into the market we should see a good pickup of sales.
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