Monday, February 20th, 2017 at 2:33pm. 169 Views
Austin Real Estate: Strong January to Start 2017
The Austin area experienced strong real estate gains in January 2017, starting the year with a seven percent increase in home sales, according to the Austin Board of REALTORS® January 2017 Central Texas Housing Market Report. The City of Austin kicked off the year with a 9.8 percent increase in home sales.
“Consecutive years of strong housing demand and sales growth throughout Central Texas have significantly changed housing market conditions in Austin and the surrounding region,” said ABOR President Brandy Guthrie. “The radius of local market areas with critically low housing inventory levels has expanded out from Austin into surrounding counties, shifting the price range of available homes in local…
Friday, February 17th, 2017 at 12:15pm. 123 Views
A recent KVUE article reported that housing prices have risen faster in Austin than anywhere in the country and that salaries are not keeping pace with the increase.
Looking at the past 26 years of data, KVUE found that family income rose 97 percent, while median home prices rose 290 percent. This means a family originally making $50k would have seen its income increase to $98.5k, and a home that had cost $100k would now cost $390k. To stay on par with price increases, the median income would have had to increase to $153k per year. A median house in Austin is now about $355k.
KVUE said the rapid price increases, in conjunction with less robust wage increases, are “pushing people out of town.” It also cited increasing tax burdens on home owners as a…
Wednesday, February 8th, 2017 at 5:13pm. 162 Views
How does it feel, Austin, Texas? You live in the best city in the United States of America.
U.S. News & World Report named Austin tops in the country in its annual Best Places to Live rankings of the 100 most populous metro areas, up from the second spot last year. It had an overall score of 7.8 based on desirability, value, the job market, quality of life, and net migration. The rankings are “intended to help readers make the most informed decision when choosing where to settle down,” according to U.S. News.
Denver, Colorado; San Jose, California; Washington, D.C., and Fayetteville, Arkansas rounded out the top five.
Quality of life was 30 percent of the overall score, and for this metric, Austin scored a 7.3. Quality of life took into account…
Monday, January 30th, 2017 at 4:35pm. 159 Views
Texas job creation grew by 1.8 percent annually from December 2015 to December 2016, with an increase of 213,500 nonagricultural jobs. This is compared to a 1.4 percent increase in the United States, according to the Monthly Review of the Texas Economy by Ali Anari at the Real Estate Center at Texas A&M University. Nongovernmental (private sector) jobs increased 1.7 percent, to 173,400 jobs, also 0.2 percent higher than nationally.
Texas’ unemployment rate in December 2016 was 4.6 percent, seasonally adjusted, the same as the preceding December. The U.S. rate was slightly higher at 4.7 percent.
Ranking highest in growth in Texas were education and health services, followed by the leisure and hospitality industry, financial activities, and trade.…
Monday, January 30th, 2017 at 3:37pm. 182 Views
Texas housing starts decreased 11.3 percent in November 2016 compared to November 2015, once seasonally adjusted. This continues a negative trend for housing starts that began in late-summer 2016, according to a report by the Real Estate Center at Texas A&M University and authored by James P. Gaines, Luis B. Torres, and Wayne Day. However, Texas single-family housing construction permits increased in November, on an annual and a monthly basis, a positive trend that began in late 2014/early 2015.
Following these results, the Texas Residential Construction Leading Index indicates there will be slow growth in future residential construction, according to the report, which credits low supply to limited lot inventory and shortages in construction labor.…
Monday, January 23rd, 2017 at 1:43pm. 315 Views
Another Record-Breaking Year for Austin Real Estate
The Central Texas real estate market broke records in 2016 for home sales volume and also reached new highs in home prices, according to the Austin Board of REALTORS® December and Year-End 2016 Central Texas Housing Market Report.
Single-family home sales for 2016 increased 3.9 percent from 2015, to an all-time high of 29,569 home sales in the five-county Metropolitan Statistical Area. Median price increased 7.2 percent to $284,000, and homes stayed on the market an average of 50 days, two days longer than in 2015. Housing inventory was unchanged at a two month supply, very low in comparison to a typical balanced market of 6.5 months, according to the Real Estate Center at Texas A&M University. The…
Wednesday, December 21st, 2016 at 3:03pm. 277 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. 344 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. 318 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. 424 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…