According to the Austin Chamber of Commerce, more than 150 people are moving to the Austin area every day. That may seem like a shocking number, but it’s not when you consider Austin’s recent economic success. People follow jobs, and jobs are coming here. All of the city’s new residents directly impact the local housing market. The stats show that the Austin area hasn’t been this busy in the month of May since market stats were officially recorded. While the housing market remains red-hot here, comparing our market to some of the rest of the nation’s puts the city’s growth into perspective.
The Austin area isn’t the only Texas city with a growing population; Dallas/Fort Worth, Houston, and San Antonio are all gaining residents. Their corresponding housing markets are also growing at a rapid rate, as well. In fact, Texas has become the number one state for domestic in-migration, according to data from the Census Bureau. Chairman of the Austin Board of REALTORS® Cathy Coneway, who was interviewed in the KVUE clip above, says that Austin area’s home sales are 12.7 percent higher than the state’s average, and jump all the way to 17 percent higher than the rest of the nation’s home sales. All in all, though, the entire country is experiencing an uptick in home sales.
The growth in home sales also directly impacts the prices of homes, which will continue to steadily increase as the summer months pass by. May 2013 marked the 24th straight month of the median home price increasing, and this trend should continue for the foreseeable future. Combine these rising prices with a shrinking inventory (although, new home starts are increasing), and it gives us a hot housing market. However, no market is too hot to handle for your REALTOR®. Your REALTOR® knows the market as well as anyone and will work with you to find your dream home in the Austin area.
The housing statistics that roll out each month continue to show why the Austin area is making headlines around the world. The market is once of the hottest in the country and we can feel the excitement all around us. Now is the perfect time to join the Austin community and talk to your REALTOR® about finding the right home for you and your family.