AUSTIN HOME SALES REACH HIGH

AUSTIN (Austin American-Statesman) – Area existing home sales have hit the highest level in a year, according to the Austin Board of Realtors (ABOR).

June sales of 2,135 single-family homes were down 4 percent from last year. This marks the smallest decline since a 2 percent drop in July 2007.

May and April 2009 sales were down 19 and 18 percent, respectively.

"We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of ABOR.

While Texas has started seeing more signs of the recession, there is evidence nationwide that the housing market is beginning to stabilize. Sales of new and existing homes reached an annual rate of 5.1 million in May, the highest level in 2009.