Survey shows Austin among healthiest housing markets for 2013

People who are interested in buying or selling homes in Austin next year may want to review how the city's real estate market ranks among the top metros in the country. According to the Austin Business Journal, several housing market experts ranked Austin fifth on its list that rated the healthiest housing markets for 2013. The ranking reflects the value of properties in the area, and people who are pursuing some of the homes for sale in Austin may need to act fast because local houses are popular choices.

Various factors were considered by housing market experts in their ratings, including job growth, vacancy rates and foreclosure inventories in numerous cities. Austin's housing market appears strong, and other data indicates that the interest in local real estate continues to rise.

November home sales in Austin
The Austin American-Statesman reports that Central Texas home sales increased 23 percent on a month-over-month basis in November 2012. Additionally, 1,671 houses were sold last month, which is up from 1,354 residences sold in November 2011.

Austin home sellers reached a significant milestone in November 2012 - the 18th consecutive month in which year-over-year residential property sales increased.

"The typical lull of the Thanksgiving holiday did not slow down the Austin real estate market," a local real estate expert told the newspaper. "This is the strongest November housing market we've seen since the recession [of the late 2000s]."

Meanwhile, the city's housing inventory is steadily decreasing due to the recent rise in home sales. The number of homes available in Austin was roughly 20 percent higher in November 2011 than it was last month, and city residences are also spending less time on the real estate market.

2013 looks bright for many Austin property buyers and sellers. The housing market still features plenty of quality houses, despite the rapidly declining inventory, and people who pursue Austin residences could take advantage of numerous mortgages being offered by local banks and lenders. Freddie Mac reports that the average interest rate on a 30-year fixed-term mortgage was 3.37 percent as of December 21, 2012, and qualified homebuyers can pursue this option to pay the same amount every month.

Home sellers may also find that the real estate market will be favorable next year. The rising interest in Austin properties could create competition for homes, and house sellers could receive more offers at or near their initial asking prices.