What could the Austin housing market look like next year?
There are many positive signs for people who are interested in purchasing one of the homes for sale in Austin. According to the Austin-American Statesman, several statistics show that the housing market looks bright for 2013.
Home sales in August 2012
Austin home sales increased 21 percent between August 2011 and August 2012. The news outlet states that 2,397 single-family residences were sold in the area last month, which shows there were 420 more sales when compared to the same time frame last year.
Many real estate professionals examine home sales to get a better understanding of certain regions. When houses are selling in a particular area, it is often a positive sign for the region's economy. Home sales usually lead to market recoveries, and Austin is rebounding from the economic recession that affected many Lone Star State residents in the late 2000s.
"Strong demand for homes continued in August while the inventory of available homes continued to shrink," a local real estate expert told the news outlet.
The median home price in Austin
Since more homes have been selling in Austin, many property owners have seen the values of their houses rise. In August 2012, the median home price for Austin residences was $212,000, an impressive figure when compared to past data.
The median home price for Austin houses was the highest in the month of August in the last decade. This figure is $8,000 less than the highest price for a month in this decade. The rising home values could lead more people to staying in the city long term, which could draw new businesses to the area.
Job growth in Austin
Austin area businesses added 500 net jobs in July 2012, and some local businesses expect to add new employees to their teams in the near future.
"The story of Austin continues to be jobs, jobs, jobs," Mark Murrell, vice president of JB Goodwin's Westlake Division office, told the news source. "We are predicted to add 45,000 jobs in the next couple years, and those new-to-Austin employees will have to live somewhere."
Between March 2012 and July 2012, the Austin civilian labor force has grown from 950,000 employees to 967,100 workers, the U.S. Bureau of Labor Statistics reports. With the recent interest in the area's housing, Austin residents may see plenty of job opportunities become available.