The buying season heated up in Central Texas in May according to the Austin Board of REALTORS® Multiple Listing Service (MLS) May 2008 sales report.  Single-family home sales in May are up slightly over April 2008 numbers, when 1,981, homes sold. Homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005, before the unusual boom in 2006.

Take a look at May single family sales statistics compared to 2007:

No matter which city you live in, inventory is still high. Still, Texas is fairing better than the rest of the nation. Austin's current home inventory is below.

AUSTIN REAL ESTATE MARKET FORECAST- Mid Year Update 2008

The Austin Home Builder Association (HBA) held their semi-annual market update last week. Their research shows that the market is slated to remain low through Third Quarter 2008, then pick up by Winter 2008 or early 2009. Mark Sprague with Vesta Strategies thought buyers and sellers should be relieved to see a "cleansing of the market", which was overheated by real estate speculators.

Great areas to buy include the Southtown area in South Austin, but also other areas such as Round Rock, Pflugerville and Kyle due to coming Seton Hospital complexes and other large mixed-use developments.

Read Also: Austin real estate is a great buy for boomers and empty nesters.

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