The Improvement in the Austin Real Estate Market

Austin Real Estate Market

Improvements in the Austin Real Estate Market

Eldon Rude, a housing market expert, is making an optimistic forecast regarding the Austin Real Estate Market. Not only is Austin seeing an increase in overall housing sales, but metro areas in other parts of the country are seeing improvements as well.

Austin Real Estate Market Statistics

In Austin job growth increased by 3.5% and is one of the main reasons that the housing market has improved says Rude, who is the Austin Market for Metrostudy director. This business includes Austin, Texas in its 40 market US study of real estate. The comments from Rude were directed to the attendees of an event regarding the current and future trends in the residential market. This forum was sponsored by the Urban Land Institute’s Austin chapter.

There has also been a halt on new development for a while, which has also helped to improve the housing market according to Rude.

The housing market has been though a heavy downturn for the past several years and Rude’s forecast was welcome news to developers who had to reduce new developments by 62% as compared to their peak building time in 2006. This information was included in the Metrostudy data.

Rude is so optimistic about the upcoming market that he believes that new home sales for 2013 and 2014 will be where they were prior to the recession. He also believes that builders will be able to build between 8000 and 11000 homes during this time frame.

Rude also announced that if the job market continued to improve that builders would be able to build between 6400 and 6700 new homes in 2012. He thinks that it’s possible that this number could reach as high as 7000.

In the third quarter of 2011 builders started building 1700 homes, which was an increase over 2010. Overall, 6200 new homes were built in 2011, however, only 6100 new homes were sold in 2011, some of these new homes were homes that were not yet sold in 2010. With the increase projected by Rude, builders can conceivably look forward to a much better year for their companies.

The key to the any improvement in the market is heavily dependent upon the continual growth in the economy and the job market. According to statistics, Austin was one of the harder hit markets in Texas, but wasn’t as heavily impacted as other markets around the country Austin is considered to be a key driver in terms of economic and job growth.

Image(s): FreeDigitalPhotos.net

If you liked ‘The Improvement in the Austin Real Estate Market ‘, then you may also enjoy other articles written by Shenoah Grove at http://HippieHollowHomes.com

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