Wednesday, December 21st, 2016 at 3:03pm. 176 Views
Personal income in Texas has outpaced housing price growth more than the United States as a whole, with the large metros of Dallas, Houston, and San Antonio leading the trend for the state, according to a report by the Real Estate Center at Texas A&M University. In Austin, however, housing prices have consistently outpaced income growth going as far back as the late 1990s.
The report credits Austin’s housing appreciation to its “expansion in the technology sector and its ‘cool’ factor as a chic living destination.” Historically, booms in the energy sector have correlated with increases in housing prices, as evidenced by Midland, Odessa, and Houston in the late 1970s to the early 1980s and then again recently.
Nonetheless, despite personal income not…
Wednesday, December 21st, 2016 at 11:59am. 217 Views
The Federal Reserve raised a key interest rate by 0.25 percent recently, and Real Estate Center Chief Economist Dr. James Gaines said this increase could have positive impacts on certain markets.
Gaines said one immediate result could be an increase in housing demand as buyers seek to take advantage of interest rates before they increase further. While the recent interest rate increase is only the second in a decade, the last taking place in December 2015, three more increases are forecast for 2017.
“People who are on the fence about buying a home might anticipate rates, as well as prices, going up in the next six to 12 months. This might give them the push they need to buy now,” said Gaines.
Mortgage rates for a 30-year, fixed-rate mortgage are…
Tuesday, December 20th, 2016 at 6:42pm. 231 Views
Austin-Area Double-Digit Home Sales Increases Likely Indicate Record Year
Widespread double-digit single family home sales increases across the Greater Austin area in November 2016 make it likely the area will break sales records for the year, according to the Austin Board of REALTORS® November 2016 Central Texas Housing Market Report.
The Austin-Round Rock area saw a home sales increase of 15.8 percent year-over-year, and the City of Austin had a sales increase of 13.7 percent. Hays County had the largest county-wide increase in home sales, with a jump of 24.2 percent, followed by Williamson County with a 14.7 percent increase and Travis County with an increase of 11.3 percent.
In all, sales totaled $769 million for the Austin-area, which is an…
Friday, November 18th, 2016 at 6:14pm. 347 Views
Austin Home Sales Increase, Central Texas Sales Decrease in October 2016
In a reverse trend of recent months, sales for single family homes within the City of Austin rose in October 2016 and sales declined across the larger Austin-Round Rock Metropolitan Statistical Area, according to the Austin Board of REALTORS®’ October 2016 Central Texas Housing Market Report.
Austin home sales increased 7.5 percent compared to October 2015, to 703 home sales. Median price increased 6.5 percent year-over-year to $332,250, and inventory saw a 0.2 month increase to 2.2 months.
In the Austin-Round Rock MSA, home sales decreased 3.1 percent to 2,219 home sales. Median price increased 9.3 percent compared to October 2015 to $279,000, and inventory was up 0.1…
Wednesday, November 16th, 2016 at 5:57pm. 277 Views
Single-family home prices in the Austin-Round Rock area were up 7.7 percent to $279,900 in the third quarter of 2016, according to the Texas Association of Realtors®’ Texas Quarterly Housing Report. The number of single-family homes sold was down one percent compared to the third quarter of 2015, to 9,249 sales.
Of the homes that sold, 19.98 percent were $199,999 or less, 65.78 percent were between $200,000 and $499,999, and 14.24 percent were over $500,000. Previous reports have attributed the slowdown in sales in the Austin market to tight inventory supply and higher prices, which are leading buyers to the small cities around Austin.
The number of active listings was up 12.4 percent to 7,579. There was an inventory supply of 2.8…
Monday, November 7th, 2016 at 5:29pm. 285 Views
Austin-area home starts hit their highest level in six years in 3Q16, nearing the peak level that occurred in 2006, according to Metrostudy. Its survey of the Austin housing market showed a total of 4,067 home starts, near the 4,387 home starts that occurred 1Q06. The report stated the third quarter numbers imply a “ramping up” of spec inventory in order to meet year-end goals. The new home starts pace for the year is 13,402 units, the highest in almost nine years.
“Though Austin is growing more competitive given the recent and pending opening of new subdivisions as well as new builders in the market, overall the market is performing well,” said Vaike O’Grady, Regional Director of Metrostudy’s Austin market. “Demand shows no signs of easing, and supply…
Tuesday, October 18th, 2016 at 5:13pm. 383 Views
Austin-area Home Sales and Prices Continue to Rise
The median price for Austin-area single-family homes increased to $275,250 in September 2016, an increase of 7.5 percent compared to September of last year, according to the September 2016 Central Texas Housing Market Report by the Austin Board of REALTORS®. Home sales in the Austin-area rose 1.3 percent to 2,576 home sales.
Days on the market was unchanged at 47 days, and inventory increased .1 month to 2.7 months. The total dollar volume of Austin-area home sales was approximately $887 million, an increase of eight percent.
Most of the Central Texas residential real estate activity is occurring outside the city limits. In September 2016, fewer than 20 percent of homes sold in Central Texas…
Thursday, October 13th, 2016 at 1:17pm. 547 Views
Home buying in January might land buyers a much better deal. This is according to Nerd Wallet, which used Realtor.com data to determine that the least expensive month to buy a home in Austin, Texas is in January. And it’s no small matter: based on a two-year average of median sales prices, buying a median-range home in January could save buyers about $24,000.
In Austin, the report found that the summer house price (the two-year average of the median sales price) was $256,132. The fall price was $250,565, a drop of 2.2 percent. The cheapest month to buy was January, when the median house price was $232,500, a drop of 9.2 percent.
The report found that home sale prices in all large United States metro areas typically peak in the summer, dip in the…
Friday, October 7th, 2016 at 1:28pm. 406 Views
Austin takes the number two spot in the nation among large metro areas for its net migration, according to U.S. News and World Report’s list of the “The 20 Best Places People Are Moving to in the U.S.”
Austin, which also has been named the #2 best place to live in the U.S. by U.S. News and World Report, had net migration growth of 8.86 percent between 2010 and 2014. The report says Austin ranks “highly for desirability and has a blossoming job market for the high tech industry.” According to the report, Austin has a population of 1,835,016, a median home price of $240k, and median income of about $48k.
The rankings were based on population growth by net migration for the 100 largest metro areas in the United States from 2010 to 2014, using U.S.…
Tuesday, September 27th, 2016 at 4:11pm. 434 Views
International homebuyers pumped more than $10 billion into the Texas economy from April 2015 to March 2016, according to the 2016 Texas International Homebuyers report. This amounted to more than 21,000 Texas homes purchased by international buyers, compared to the previous year’s 16,720 Texas homes for a total of $8.32 billion.
Of those international buyers, 36 percent were from Latin America (including Mexico), 34 percent were from Asia/Oceana (including China and India), 12 percent were from Europe, eight percent were from Africa, and four percent were from Canada.
Of the states, Texas had the third highest percent of international homebuyers with 10 percent. Florida had 22 percent, and California had 15 percent. Texas had the highest percentage…