AUSTIN, Texas — Editor's note: The attached video was published on May 21.
Despite newly pending home sales in Austin being up 36% month over month, there was a 5% drop from the previous week, according to the Zillow Weekly Market Report.
Additionally, the report showed that new listings were down 15% week over week and are 14% lower than a year ago.
According to the report, a lack of new listings despite it being one of the busiest times of the year for home shopping helped push total inventory 22% below the previous year. The limited inventory has kept pressure on the prices with the median list price up 7.8% year over year.
Nationally, the report showed a dip in newly pending sales and new listings. Despite pending home sales often seeing a dip during summer holidays, both metrics have remained up for May, according to the report.
PEOPLE ARE ALSO READING: