A look at a few of the factors that are affecting the Austin housing market

Austin residents might notice the local economy has been improving recently. With property values increasing throughout the metro, it's easy to see why many people are checking out some of the homes for sale in Austin.

Several factors impact the city's housing market, including the availability of lower-than-average interest rates on fixed-rate mortgages and the home inventory. In fact, The Wall Street Journal notes that home sales continue to increase across the state, which plays a role in the demand for properties.

"The momentum we saw in the first quarter of this year is continuing and we're seeing that now not only in increased sales volume, but also in a strong increase in the median price," a local real estate expert said.

Homebuying opportunities are plentiful in Austin, but the housing inventory could soon deplete as interest in the area increases. Those who seek property in this metro might want to consider taking advantage of the historically low interest rates that are currently available.

For instance, Freddie Mac reports that a property buyer could qualify for a 30-year fixed-term allowance at an interest rate of 3.49 percent at the end of July 2012. These rates could increase if the national economy continues to improve, so it might be worthwhile to act now so you can obtain this percentage.