Report Says Austin Housing Market Clear From Future Crisis

Austin is once again making headlines due to its strong housing market.  According to a recent news report, Austin is in the top 6 cities that are in the clear from slipping into another housing crisis. All of the cities listed posted a year-over-year increase of at least 4% (or more) in the asking price of homes along with a low to moderate share of foreclosures.

The following is a list of the top 6 cities and their year over year asking price increases:

  1. Denver, Colorado  +7.2% increase
  2. San Jose, California  +6.2% increase
  3. Pittsburgh, Pennsylvania  +5.1% increase
  4. Little Rock, Arkansas  +5% increase
  5. Austin, Texas  +4.4% increase
  6. Colorado Springs, Colorado  +4.3% increase

The following is a list of  cities that posted higher percentage of increase in asking prices, but were still labeled “at risk’ according to Trulia and MSNBC.com because of their high share of foreclosures:

  1. Phoenix Arizona – 18.9% increase
  2. Miami, Florida – 16.1% increase
  3. Cape Coral-Fort Myers, Florida – 14.9% increase
  4. West Palm Beach, Florida – 9.6% increase

When the housing bubble burst back in 2008, economic analysts predicted that the cities that experienced the decline first and were hit the hardest, were the ones that would begin to recover first. Judging by the statistics, looks like they were right again!

Prices of homes are going up, and interest rates are at a historic low.  We are seeing multiple offers on properties all around Austin, and it is clear that buyers are in full-swing this summer.  If you’ve been thinking about moving up or purchasing your first home, NOW really is the time to make your move!

For more information on Austin real estate, or if you have any questions that I can help answer, feel free to contact me today.

About Shannon Ensor

Shannon Ensor is a Broker Associate with Sky Realty, the founder of our team and a published author. She began her Austin Real Estate career in 2005 and has earned her ABR and GRI designations. Shannon helps residential real estate buyers and sellers all around Austin and Central Texas. Shannon graduated Magna Cum Laude from Arizona State University, earning her degree in Journalism/Public Relations from ASU's Walter Cronkite School of Journalism and Mass Communications and a minor in Business Advertising & Marketing.

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