Homes sales in Mary 2010 from the Austin Multiple Listing Service show that home sales increased approximately 24% compared to May 2009. 

This is 1st month we have seen post tax credit sales results, so keep this in mind...  The number of sales actually reflects the number of homes that closed on May, meaning they went under contract in March or April. Therefore, home sale statistics from May are still a reflection of the tax credit on home sales in the Austin market.

A prediction for how June sales will fare is the number of homes that went under contract in May and are due to close in June, or possibly July. The number of homes placed under contract in May fell 34% from a year ago.

Unfortunately this is an indication of slower sales forthcoming, but is not unexpected, as the tax credit was nothing less than a phenominal incentive for home buyers. It would have been an incredible shock if sales had maintained the same pace as when the tax credit was available.

Austin's median home prices decreased 2% for May 2009. Once again, since lower priced housing was the rule, considering the avalanche of first time buyers in the market, this is a pretty minor decrease.  

The number of homes for sale in the Austin real estate market increased from last year, just over 13%, a result of fewer homes going under contract in May.