jimolenbush's Blog: Austin Market Updates

The Austin, Texas new home construction market continues to be strong according to Builder Magazine.  Austin ranks 11th in the country for new construction starts, at 26,900, and home prices have been increasing in the last couple of years.  The top builders in Austin by volume are Lennar, DR Horton, Pulte, Centex, and KB Home.  Unemployment is low, and foreclosures are at 4 year lows.  The city also expects to add approximately 20,000 new jobs for '07.

At the same time the downtown Austin market is seeing tremendous changes with the construction of many new high rise residential condo towers, several of which will be much taller than any of the buildings currently standing in downtown Austin.  The 360 Condos building will rise 44 stories when…

The Austin real estate market is on a roll!  According to the Office of Federal Housing Enterprise Oversight the home prices in Austin appreciated more than 10% in the first quarter alone!

On Wednesday the Austin Business Journal reported that home sales in the area increased for the second month in a row.  The city had a record month of May that was up 2% from May of 2006.  The median home price was up 5% and the average days on market dropped by 7%.

The job growth in Austin has been strong, and that seems to be driving up the demand and the appreciation.  We also have been getting lots of investors from out state the last few years, and that never hurts either!

Here is a link to the newspaper article:Read Full Post