Austin housing market cooling a bit?Austin housing market cooling a bit?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=155362017-01-09T06:00:00Z2017-01-09T20:00:00Z

​AUSTIN – By all accounts, the Austin area continues to be one of the brightest spots in the nation’s housing market.

But could the region, which has seen several years of record home sales and sharp price appreciation, lose some of its housing luster next year?

Some local real estate agents interviewed during the last half of 2016 said that, while still strong, the market had tapered off some from the feverish pace that has characterized it the past few years.

One possible culprit could be job growth.

Job creation fuels demand for housing, and recently it has slowed in Central Texas, said Eldon Rude, a housing market analyst.

“The potential for slower economic growth in Central Texas exists because of reduced job growth, and this could begin to tip the extreme imbalance we’ve had in our market over the last four or five years,” Rude said. “The result may be a moderation of the rapid home price increases we’ve experienced over the same period.”

After four consecutive years of creating more than 38,000 jobs a year (plus 3.5 percent), the most recent employment figures from the Texas Workforce Commission show job growth in the region has slowed to less than 20,000 jobs annually through November, noted Rude, principal of 360 Real Estate Analytics, an Austin-based consulting firm.

“Because job growth is the key driver for housing demand, builders and developers will be keeping a close eye on this metric as we start 2017,” Rude said.
Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/business/austin-economy-2017-still-strong-but-facing-some-challenges/IR4qyVWATLQLDF5ZsXUfdI/Source: {Source}

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