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:
- Denver, Colorado +7.2% increase
- San Jose, California +6.2% increase
- Pittsburgh, Pennsylvania +5.1% increase
- Little Rock, Arkansas +5% increase
- Austin, Texas +4.4% increase
- 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:
- Phoenix Arizona – 18.9% increase
- Miami, Florida – 16.1% increase
- Cape Coral-Fort Myers, Florida – 14.9% increase
- 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.