Residential Strategies Inc. reports that home starts reached 2,109 during the second quarter in Austin, which represents a 32.3% increase when compared to the first quarter of 2010. These figures also represent an 11% increase when compared to the 1,903 home starts recorded during the second quarter of 2009. Overall, Residential Strategies Inc. reports that home starts have reached 7,360 over the past four quarters.
“We remain hopeful that the Austin housing market can transition from one fueled by artificial demand (government stimulus) to one that is gaining strength in the Second Half of 2010 from real job growth,” said Tommy Tucker, who is the manager for the Austin Division of Residential Strategies.
According to the report, the median home price for homes in the capital city increased to $203,476, which represents a 3% increase from the first quarter to the second quarter. On average, however, home prices are still down by 4.27% when compared to the second quarter of 2009, at which time the average home price was $212,561.
The report included several other interesting factors that help paint a picture of the overall health of the Austin housing market. For example, the number of homes closed upon the second quarter went up from 1,615 during the first quarter to 1,961. This figure also represents an increase when compared to the second quarter of 2009, at which time there were 1,793 homes closed upon. At the same time, the total housing inventory went up to 4,304 during the second quarter, which represents a 4% increase when compared to the first quarter.
While it is difficult to say how the market will even out after the first time homebuyer government stimulus package, most experts in the area are confident that the housing market will continue to grow over the next several months. In fact, many believe that Austin, and the state of Texas as a whole, will be among the leaders as the country moves toward recovering from the recession.
Ryan Lynch runs the marketing department for Cantera Real Estate located at 6836 Austin Center Blvd., Suite 120, Austin, TX 78731 http://www.jimolenbush.com
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