Market Statistics

While many housing markets throughout the country are experiencing a great deal of instability and projected housing process are looking grim for the next few years, a report released by PMI Mortgage Insurance Co. indicates that Austin is at a low risk for experiencing home price correction over the next two years.

In order to create its First Quarter 2009 Economic and Real Estate Trends Report, PMI Mortgage Insurance Co. analyzed a variety of different statistics, including employment rates, home price appreciation, excess housing supply, affordability, foreclosure activity and interest rates.

The report placed Austin in the number 17 position of the 50 largest, most stable cities.  All four of the other major cities in Texas also made the list, with…

Despite the general downward trend in the housing market throughout the United States, the Austin Business Journal reports that Texas and other southern states are managing to enjoy a slight increase in sales. 

The Austin Business Journal sites a report released by the National Association of Realtors, which indicated tat the total home sales in the United States fell by 2.2% while home sales in the South have gone up by 0.5%.  The data, which was gathered in August for the month of July, included a number of states considered to be in the South region.  These include:

•    Alabama
•    Arkansas
•    Delaware
•    D.C.
•    Florida
•    Georgia
•    Kentucky
•    Louisiana
•    Maryland
•    Mississippi
•    North Carolina
•    Oklahoma
•    South…

Although the housing market has slowed down a bit in Austin when compared to last year’s market, the city still continues to go strong when compared to other cities around the country.  In fact, according to the Austin Business Journal, the construction of new homes in the area actually went up by 22% when comparing the first and second quarters of 2008.

According to Residential Strategies Inc, which is located in Dallas, area builders started construction on 2,814 homes during the second quarter this year.  Despite being 19% less than the number of homes started in the first quarter of 2007, that is still significantly more than the 2,303 homes that were started during the first quarter of 2008.  In addition, while the annual number of new home

…

Despite all of the talk of a recession and a troubled economy, you would have a difficult time seeing signs of trouble if you were to visit Austin.  In fact, Austin has somehow managed to go against the norm and has been finding ways to prosper while much of the nation struggles with the current state of the economy.

One area that continues to boom in the city of Austin is employment.  In fact, when compared to national averages, Austin and the state of Texas are both outperforming the majority of the country.  According to recent reports, the total number of nonfarm employment rose by 2.6% in Texas when comparing April 2007 to April 2008.  Overall, the United States has only seen a 0.3% raise during that same period of time.  In addition, the seasonally…

Austin, Texas Housing Market Update -

The numbers are in for Austin home sales in August, and the single family home median price has risen 6% in the last 12 months!  The total number of sales has fallen slightly, but the prices continue to climb.

The August 2006 the median single family home price was $180,500.  The median for August 2007 was $192,200.  The average home sales price also rose from $241,200 to $258,954.  The chart below is courtesy of the Austin Board of Realtors.

















As of today (10/2/07), there are 11,454 active residential listings on the market. The current range of prices is $19,900 to $13,500,000. The current average asking price is $369,539.

Please give us a call if you need specific neighborhood market info! …

Cantera Real Estate, Inc. now has real time market statistics on our website.  The link below will always have the latest statistical information for our local market:

www.jimolenbush.com/market.htm

We would love to discuss the current market with you - give us a call anytime - 512-344-6000.