• Mean and median sales prices are up 3.6% and 1.5%, respectively.
• Total active listings is up 38% YOY, and months inventory is up to 4.0 months (from 3.7 months in April). This is almost completely at odds with my personal experience with buyer clients making new offers in the last month.
• As of today, the 10 Year Treasury is sitting at 4.248%.
• CPI released yesterday at 3.3% (below expectations) drove the 10 year down sharply.

• $1MM list price in the Heights. We offered at least 10% over that, all cash, and were not selected as the buyer.
• High $400k offer price in Shady Acres, offered $5k less than asking due to a major structural deficiency we learned about, but offered to take that repair on ourselves after closing. Buyer offered about 40% down and financed the rest. We were not selected on this one either.
• Bonus Deal. I am pretty sure that we set the sales price PSF record for Timbergrove for our flip there. We didn't put it on HAR, and found our buyer with just a sign out front, which is very weird for Houston (most buyers come from the MLS).
• Extra Bonus Deal. I just finished capital raising for a new build we are going to do in GOOF. We had tremendous support on this capital raise from fellow investors who have connected with me over time via TexAgs. The power of TexAgs strikes again! I'll post more when we close.

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Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS, provided insight into what this data means for buyers and sellers.

"This data demonstrates that buyers can continue to be more selective when searching for a home in their price range. Although it may appear to be a buyer's market from the outside, it's important to understand the context behind these statistics, including higher interest rates resulting in a reduction in purchasing power. This market does not offer a clear advantage to either buyers or sellers."

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• Median sales prices decreased by less than 1% YOY to $459,450 and closed sales dropped 12.8% YOY to 2,968.
• A jump in new listings and active listings have led to the highest months of inventory seen in the last 13 years!
• Months of inventory now sits at 4.9 months of inventory which is an increase of 1.5 months YOY. So who has the advantage now? Read below...
• I've been helping a young couple from Florida with finding their future home. We lost out on a nice home where we outbid the top choice by $5K. The reason we didn't get picked was because the other buyers were able to close a week earlier. Why weren't we contacted to see if we could close earlier? Who knows?
• Austin still continues to be a hot market despite the higher inventory numbers. I'm helping a fellow Ag here on TexAgs with their listing in Circle C. We received over asking and had it under contract in 18 hours! We expect to close late June.
• Sellers are getting 95.5% of their asking price which is an increase of 1.3% from last May. Does this mean you can discount listing prices 5%? Not necessarily, as some neighborhoods are getting over asking like my listing above.