Austin Housing Market Update: A Positive Outlook
http://www.realestatediaries.net/articles/7093/1/Austin-Housing-Market-Update-A-Positive-Outlook/Page1.html
Brian Talley
This article was provided by Brian Talley of Regent Property Group providing information about the latest Austin housing market update and providing real estate services to those people buying or selling Austin homes. By Brian Talley
Published on 01/22/2010
A recent discussion with the Austin Board of Realtors and Home Builders Association of Greater Austin has shown reason to be hopeful for a healthy 2010. According to Austin real estate experts, the housing market could see a rebound during 2010. On January 13, members from each of these organizations noted the area's better job market as a possible cause of this.
A recent discussion with the Austin Board of Realtors and Home Builders Association of Greater Austin has shown reason to be hopeful for a healthy 2010.
According to Austin real estate experts, the housing market could see a rebound during 2010. On January 13, members from each of these organizations noted the area's better job market as a possible cause of this.
The city of Austin and surrounding area reported a significantly less loss of jobs during 2009, as compared to other Texas cities. Austin lost 4,300 jobs during November 2008 - 2009, while Dallas lost 50,700, and Houston lost 88,900. Economists also predicted that Austin's job market would begin growing by the end of 2010.
In a recent survey done by job-search engine JuJu.com, Austin was ranked the 10th best job market in the nation, just behind San Antonio. Houston was #24, the lowest Texas city, while Dallas was ranked #17.
A residential real estate market study was done that compared Austin to 30 other U.S. cities. Eldon Rude, manager of Austin operations for the study, reported the economic and housing fundamentals in Austin are the strongest among the other markets tracked. Because of this stability, he believes Austin will be one of the first markets to show a strong growth when the U.S. economy improves.
During 2009, Austin builders built 19% less homes than the year before, bringing the total to 6,490 which is the lowest level since 1995. However, the start rate remained stable during the last three quarters of 2009. Because of this, Austin builders have closed more homes than they've built in the last three years, resulting in less inventory issues as compared to other cities.
According to the study, new home starts will remain at the same level during the beginning of the year, primarily due to slow job growth. Experts say the test will come as interest rates get higher and the new home buyer tax credits are no longer available.
It's also predicted that as many as 7,000 homes will be started during 2010. This is due to the current low supply of new homes, as well as the expected rebound in the local economy.
This positive outlook paired with the condition of the area's job market, continues to make Austin, Texas, a top U.S. location. Add the fact that Austin has been named one of the "Top Cities to Live" by several publications, this capital Texas city is growing in popularity and becoming one of the best cities to call home.
According to Austin real estate experts, the housing market could see a rebound during 2010. On January 13, members from each of these organizations noted the area's better job market as a possible cause of this.
The city of Austin and surrounding area reported a significantly less loss of jobs during 2009, as compared to other Texas cities. Austin lost 4,300 jobs during November 2008 - 2009, while Dallas lost 50,700, and Houston lost 88,900. Economists also predicted that Austin's job market would begin growing by the end of 2010.
In a recent survey done by job-search engine JuJu.com, Austin was ranked the 10th best job market in the nation, just behind San Antonio. Houston was #24, the lowest Texas city, while Dallas was ranked #17.
A residential real estate market study was done that compared Austin to 30 other U.S. cities. Eldon Rude, manager of Austin operations for the study, reported the economic and housing fundamentals in Austin are the strongest among the other markets tracked. Because of this stability, he believes Austin will be one of the first markets to show a strong growth when the U.S. economy improves.
During 2009, Austin builders built 19% less homes than the year before, bringing the total to 6,490 which is the lowest level since 1995. However, the start rate remained stable during the last three quarters of 2009. Because of this, Austin builders have closed more homes than they've built in the last three years, resulting in less inventory issues as compared to other cities.
According to the study, new home starts will remain at the same level during the beginning of the year, primarily due to slow job growth. Experts say the test will come as interest rates get higher and the new home buyer tax credits are no longer available.
It's also predicted that as many as 7,000 homes will be started during 2010. This is due to the current low supply of new homes, as well as the expected rebound in the local economy.
This positive outlook paired with the condition of the area's job market, continues to make Austin, Texas, a top U.S. location. Add the fact that Austin has been named one of the "Top Cities to Live" by several publications, this capital Texas city is growing in popularity and becoming one of the best cities to call home.