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Pending home sales in Austin up 36% month over month, down 5% from previous week, report says

Additionally, the report showed that new listings were down 15% week over week and are 14% lower than a year ago.

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.

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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.

WATCH: Austin Board of Realtors releases new home price numbers

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