Austin continues its counter-cyclical real estate market. While National News is about increasing inventories, slower new home starts and slumping prices, we continue to march ahead with a very robust real estate market.
This news clip below is from today’s Austin Business Journal.
Source: Austin Business Journal
Housing starts in the Austin market increased 24 percent in the second quarter of 2006, according to the Austin office of Residential Strategies Inc.The quarter saw 4,171 new starts. Annual starts climbed to almost 17,000 units.
Most of the growth came from homes priced above $200,000, a sector of the market that increased 55 percent. Starts under $150,000 fell by more than 5 percent. Starts in the $150,000 to $200,000 price point increased by about 20 percent.
The firm also reported that Austin had an 18-month lot supply. The median new home price for the local market was almost $190,000 for the year ending in second quarter 2006.