Is the Austin housing market back to "normal?"
Homes for sale in Austin offer unique opportunities to property buyers, allowing them to live in a community that features various cultural and historical attractions. Additionally, the city's economy continues to show improvement, and is approaching "normal" levels.
According to The Huffington Post, recent data shows that construction activity has improved in several U.S. cities, including Austin. With new properties being built across the metro, more people may consider moving into the area's downtown.
"What's happened in downtown over the past seven years is that the office space was here, the housing came, and retail is arriving last to the scene," a local real estate expert told The New York Times.
In fact, people between the ages of 25 and 34 years old are showing increased interest in this area.
"Downtown has developed such a charisma that people just really want to be downtown and are willing to pay, particularly young people in the 25-34 age group," the president of an Austin-based real estate research firm told the news source.
Other factors might play a significant role in Austin's economic success in the future, including the city's job market.
The impact of the Austin job market
It's tough for many employment seekers to find jobs in the United States, but it's become easier in certain areas of Texas.
For example, the Lone Star State has added 500,000 public sector jobs since June 2009, the Austin-American Statesman reports. Austin, the state's capital, has been a major part of the area's economic recovery, and has boasted employment increases over the course of 2012.
The U.S. Bureau of Labor Statistics notes that the civilian labor force for the Austin-Round Rock-San Marcos metropolitan statistical area increased from 948,800 employees in February 2012 to 967,100 workers in July 2012. Additionally, the city's unemployment rate was 6.4 percent in July 2012, 1.9 percent lower than the national average.
In 2010, Austin had a population of 790,390 residents, the U.S. Census Bureau states. If the city's housing market continues to improve, more newcomers could be attracted to the area, which may have a substantial impact on the region's long-term economic success.
Consider Houston's housing and job markets when evaluating whether to relocate to this city.