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Residential Sales ReportA RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS

March 2011 Quick Facts

+ 3.7%

Change inMedian Sales Price

This month's numbers are stuck in the shadow of the spring 2010 incentivemarket. A number of factors hinder a full-scale housing recovery, yet there arepositives that suggest improving consumer confidence. Slowing unemploymentclaims, strong corporate balance sheets and 13 months of private job growthare cause for long-dormant optimism. Let's see if our local glass is half emptyor half full.

- 11.1%

Change inInventory

- 32.8%

Change inClosed Sales

Market Overview 2New Listings 3Pending Sales 4Closed Sales 5Days On Market Until Sale 6Median Sales Price 7

Average Sales Price 89

Housing Affordability Index 10Inventory of Homes for Sale 11Months Supply of Inventory 12

All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1

Click on desired metric to jump to that page.

New Listings in the Austin region decreased 18.1 percent from last March to3,831 new homes. Pending Sales decreased 7.7 percent to land at 2,241contracts written. As a result, inventory levels decreased 11.1 percent from lastyear to reach 9,999 active listings.

The price situation improved the March Median Sales Price of $184,500increased 3.7 percent. Negotiations moved toward buyers as Percent ofOriginal List Price Received at Sale decreased 2.3 percent to 92.2 percent. The

market moved toward balance as Months Supply of Inventory decreased to 6.0months.

The national interest rate is 5.11 percent on a 30-year fixed; the nationalunemployment rate dropped to 8.8 percent in March. Several importantchanges to the mortgage industry are on the horizon. Ensuring access toadequate mortgage capital for qualified buyers is key to housing recovery. Thiswill require substantial reforms to Fannie and Freddie.

Percent of List Price Received

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Market OverviewKey market metrics for the current month and year-to-date.

Key Metrics Historical Sparklines 3-2010 3-2011 + / YTD 2010 YTD 2011 + /

+ 36.4% 72 92 + 27.2%

- 19.2%

2,428 2,241 - 7.7% 5,702 5,379 - 5.7%

9,2794,679 3,831 - 18.1% 11,490

2,010 1,351 - 32.8% 4,267

New Listings

Pending Sales

Closed Sales

Days on Market Until Sale

3,603 - 15.6%

69 95

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 2

6.4

169 + 5.9%

- 11.1%

- 6.6%

9,999

6.0

160

--

-- --

--

--Months Supplyof Homes for Sale

Inventory of Homes for Sale

+ 3.7% $178,000 $185,000

- 1.9%

+ 3.9%

- 2.3% 93.9% 92.1%94.4% 92.2%

Housing Affordability Index

Median Sales Price

Average Sales Price

Percent of OriginalList Price Received

$230,630

160

11,242

169 + 5.6%

--

$231,926 $243,604 + 5.0%

$178,000 $184,500

$248,859 + 7.9%

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

3-2008 3-2009 3-2010 3-2011

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New ListingsA count of the properties that have been newly listed on the market in a given month.

Month Prior Year

Current Year

+ /

April 3,627 4,960 +36.8%May 3,472 3,464 -0.2%June 3,646 3,797 +4.1%July 3,689 3,675 -0.4%

August 3,279 2,978 -9.2%September 3,015 2,683 -11.0%October 3,015 2,542 -15.7%November 2,483 2,082 -16.1%December 1,969 1,794 -8.9%January 3,318 2,783 -16.1%February 3,493 2,665 -23.7%March 4,679 3,831 -18.1%

3,664

4,679

3,831

2009 2010 2011

March

9,871

11,490

9,279

2009 2010 2011

Year To Date

-19.2%+27.7% -18.1% +16.4%

12-Month Avg 3,307 3,105 -6.1%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 3

3,664

4,679

3,831

2009 2010 2011

March

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical New Listing Activity

9,871

11,490

9,279

2009 2010 2011

Year To Date

-19.2%+27.7% -18.1% +16.4%

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Pending SalesA count of the properties that have offers accepted on them in a given month.

Month Prior Year

Current Year

+ /

April 1,951 2,874 +47.3%May 2,184 1,447 -33.7%June 2,150 1,662 -22.7%July 2,087 1,644 -21.2%

August 2,045 1,531 -25.1%September 1,922 1,401 -27.1%October 1,839 1,429 -22.3%November 1,251 1,292 +3.3%December 1,108 1,176 +6.1%January 1,479 1,483 +0.3%February 1,795 1,655 -7.8%March 2,428 2,241 -7.7%

1,856

2,4282,241

2009 2010 2011

March

4,593

5,7025,379

2009 2010 2011

Year To Date

-5.7%+30.8% -7.7% +24.1%

12-Month Avg 1,853 1,653 -10.8%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 4

1,856

2,4282,241

2009 2010 2011

March

1,000

1,500

2,000

2,500

3,000

3,500

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Pending Sales Activity

4,593

5,7025,379

2009 2010 2011

Year To Date

-5.7%+30.8% -7.7% +24.1%

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Closed SalesA count of the properties that have closed in a given month.

Month Prior Year

Current Year

+ /

April 1,708 2,252 +31.9%May 1,868 2,307 +23.5%June 2,272 2,211 -2.7%July 2,285 1,654 -27.6%

August 1,975 1,686 -14.6%September 1,959 1,425 -27.3%October 1,969 1,346 -31.6%November 1,745 1,340 -23.2%December 1,519 1,566 +3.1%January 993 1,056 +6.3%February 1,264 1,196 -5.4%March 2,010 1,351 -32.8%

1,501

2,010

1,351

2009 2010 2011

March

3,611

4,267

3,603

2009 2010 2011

Year To Date

-15.6%+33.9% -32.8% +18.2%

12-Month Avg 1,797 1,616 -8.4%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 5

1,501

2,010

1,351

2009 2010 2011

March

500

1,000

1,500

2,000

2,500

3,000

3,500

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Closed Sales Activity

3,611

4,267

3,603

2009 2010 2011

Year To Date

-15.6%+33.9% -32.8% +18.2%

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Days on Market Until SaleThe average number of days between when a property is first listed and when an offer is accepted. Sold properties only.

Month Prior Year

Current Year

+ /

April 76 66 -12.2%May 75 62 -17.6%June 76 67 -12.9%July 73 70 -3.6%

August 73 72 -1.5%September 69 77 +12.3%October 72 88 +22.8%November 75 86 +15.0%December 79 92 +15.5%January 79 88 +11.9%February 72 93 +28.5%March 69 95 +36.4%

83

69

95

2009 2010 2011

March

83

72

92

2009 2010 2011

Year To Date

+27.2%-16.0% +36.4% -12.6%

12-Month Avg 74 77 +4.7%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 6

83

69

95

2009 2010 2011

March

40

50

60

70

80

90

100

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Days on Market Until Sale

83

72

92

2009 2010 2011

Year To Date

+27.2%-16.0% +36.4% -12.6%

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Median Sales PriceThe median sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

Month Prior Year

Current Year

+ /

April $185,000 $185,000 0.0%May $190,000 $186,000 -2.1%June $195,000 $198,000 +1.5%July $186,500 $211,555 +13.4%

August $185,000 $194,000 +4.9%September $183,000 $188,731 +3.1%October $179,000 $190,000 +6.1%November $174,000 $179,500 +3.2%December $186,000 $189,000 +1.6%January $175,000 $185,000 +5.7%February $180,745 $186,000 +2.9%March $178,000 $184,500 +3.7%

$179,000 $178,000 $184,500

2009 2010 2011

March

$180,000 $178,000$185,000

2009 2010 2011

Year To Date

+3.9%-0.6% +3.7% -1.1%

12-Month Avg $184,864 $190,000 +2.8%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 7

$179,000 $178,000 $184,500

2009 2010 2011

March

$140,000

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Median Sales Price

$180,000 $178,000$185,000

2009 2010 2011

Year To Date

+3.9%-0.6% +3.7% -1.1%

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Average Sales PriceThe average sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

Month Prior Year

Current Year

+ /

April $227,607 $228,668 +0.5%May $246,641 $236,487 -4.1%June $244,680 $265,235 +8.4%July $238,247 $275,446 +15.6%

August $235,796 $257,323 +9.1%September $234,565 $241,609 +3.0%October $232,209 $255,409 +10.0%November $231,094 $243,559 +5.4%December $248,772 $245,254 -1.4%January $233,052 $241,602 +3.7%February $233,103 $239,437 +2.7%March $230,630 $248,859 +7.9%

$227,559 $230,630 $248,859

2009 2010 2011

March

$229,836 $231,926$243,604

2009 2010 2011

Year To Date

+ 5.0%+ 1.3% + 7.9% + 0.9%

12-Month Avg $236,612 $248,203 +4.9%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 8

$227,559 $230,630 $248,859

2009 2010 2011

March

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000

$260,000

$270,000

$280,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Average Sales Price

$229,836 $231,926$243,604

2009 2010 2011

Year To Date

+ 5.0%+ 1.3% + 7.9% + 0.9%

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Percent of Original List Price Received

Month Prior Year

Current Year

+ /

April 92.9% 94.8% +2.0%May 93.4% 94.8% +1.5%June 93.7% 94.1% +0.4%July 93.9% 93.1% -0.9%

August 94.1% 92.4% -1.8%September 94.0% 91.9% -2.2%October 93.8% 91.2% -2.7%November 93.9% 91.3% -2.8%December 93.1% 91.5% -1.8%January 93.1% 91.6% -1.6%February 93.5% 92.3% -1.3%March 94.4% 92.2% -2.3%

The average percentage found when dividing a property's sales price by the original list price. Sold properties only. Does not account forlist prices from any previous listing contracts or any seller concessions.

92.3% 94.4% 92.2%

2009 2010 2011

March

91.8% 93.9% 92.1%

2009 2010 2011

Year To Date

-1.9%+2.3% -2.3% +2.2%

12-Month Avg 93.7% 92.9% -0.9%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 9

92.3% 94.4% 92.2%

2009 2010 2011

March

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

98.0%

99.0%

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Percent of Original List Price Received

91.8% 93.9% 92.1%

2009 2010 2011

Year To Date

-1.9%+2.3% -2.3% +2.2%

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Housing Affordability Index

Month Prior Year

Current Year

+ /

April 154 154 +0.0%May 146 154 +5.5%June 143 149 +4.7%July 149 144 -3.4%

August 153 157 +2.5%September 156 161 +3.2%October 159 161 +1.3%November 165 170 +2.7%December 151 160 +6.2%January 162 168 +3.9%February 157 167 +5.8%

The Housing Affordability Index measures housing affordability for the region. An HAI of 120 would mean the median household incomewas 120% of what's necessary to qualify for the median priced home under prevailing interest rates. The higher the number, the more affordable housing is.

157 160169

March

157 160169

Year To Date

+5.6%+1.4% +5.9% +1.8%March 160 169 +5.9%12-Month Avg 155 160 +3.2%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 10

157 160169

2009 2010 2011

March

120

130

140

150

160

170

180

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Housing Affordability Index

157 160169

2009 2010 2011

Year To Date

+5.6%+1.4% +5.9% +1.8%

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Inventory of Homes for SaleThe number of properties available for sale in active status at the end of the month.

Month Prior Year

Current Year

+ /

April 11,938 12,355 +3.5%May 12,375 13,085 +5.7%June 12,381 13,766 +11.2%July 12,522 14,401 +15.0%

August 12,477 14,596 +17.0%

September 12,009 13,925 +16.0%October 11,550 13,216 +14.4%November 11,165 12,354 +10.6%December 10,869 11,221 +3.2%January 9,908 9,930 +0.2%February 10,533 9,985 -5.2%March 11,242 9,999 -11.1%

11,373 11,242

9,999

2009 2010 2011

March

-11.1%-1.2%

12-Month Avg 11,581 12,403 +6.7%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 11

11,373 11,242

9,999

2009 2010 2011

March

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Inventory of Homes for Sale

-11.1%-1.2%

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Months Supply of InventoryCompares the number of active listings available to the average monthly pending sales for the last twelve months.

Month Prior Year

Current Year

+ /

April 6.9 6.9 +0.1%May 7.3 7.1 -2.5%June 7.5 7.3 -1.9%July 7.6 7.7 +1.0%

August 7.6 8.0 +5.7%

September 7.4 7.7 +4.8%October 7.1 7.5 +6.8%November 6.6 7.3 +9.3%December 6.3 6.7 +7.4%January 5.7 5.9 +4.5%February 6.0 6.0 -1.1%March 6.4 6.0 -6.6%

6.4 6.46.0

2009 2010 2011

March

-6.6%+0.5%

12-Month Avg 6.9 7.0 +2.3%

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS. Powered by 10K Research and Marketing. | Click for Cover Page | 12

6.4 6.46.0

2009 2010 2011

March

3

4

5

6

7

8

9

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

Historical Months Supply of Inventory

-6.6%+0.5%