The Austin housing market has been faced with a lack of housing options for the major influx of new Austinites. However, May showed signs of improvement.

Data from May shows the number of active listings increased by 4 percent compared to the same time in 2013. This is the first such increase in housing inventory in the last three years.

"The Austin market has been in need of housing stock for some time now, so it's encouraging to see an increase in listings over last year. With sales volumes remaining strong, the market is still competitive, but the options for buyers are beginning to increase," said Bill Evans, president of theAustin Board of Realtors, in a news release.

Homes are now spending 40 days on the market, which is four days less than last year's rate.

Three percent more homes were sold in Austin this May compared to the same month in 2013, but the home sales prices also increased by 8 percent.

"While more properties are beginning to come on the market, the price appreciation we've seen in recent years is continuing as well, so buyers and sellers should both expect a busy summer selling season," Evans said.

Townhomee and condominium purchases increased 14 percent compared with May 2013 and 11 percent so far this year. The units are also selling faster, spending an average of 41 days on the market. That's a nine-day decrease from the same month last year.

Apartments were also leased 6 percent more than May of last year, and the median price for those leased is 7 percent more than last year.