According to a report released by Metrostudy, Austin home sales continue to rise. With mortgage rates remaining low, the study shows a supportive climate for continual improvement in the Austin housing market.
Eldon Rude, who is the director of Metrostudy’s Austin market, indicated that prospective buyers should expect home prices to continue to rise in the Austin area. At the same time, the city is expected to continue to improve in the areas of housing starts, employment and the Housing Price Index, which is a measurement of residential home prices.
From November 2011 to November 2012, Austin saw a significant increase in new jobs, with approximately 35,000 jobs added to the city. In its study of 40 housing markets throughout the United States, the Metrostudy report found that nearly 1,900,000 jobs were added on the national level. Housing starts also saw significant growth in Austin, with local housing starts increasing by 30 percent when comparing 2011 to 2012. In all, Austin saw approximately 8000 new single-family home starts in 2012. These figures are expected to increase this year.
The study has also shown that consumer confidence has also grown in Austin. With consumer confidence being one of the most important variables in determining whether or not they purchase a home, growing consumer confidence will further help Austin’s housing market improve.
For those who are interested in making an investment in Austin real estate, now is a good time to do it. Not only are mortgage rates still low, but rental rates in the Austin area continuing to increase.