Up! Home starts, inventory, sales all up in Austin

AUSTIN – New home inventory in Austin has increased dramatically in the past year but demand could still outstrip supply if population growth remains robust and building cycles continue to increase, according to a report from Residential Strategies Inc.

Home starts, home closings and inventories were all up in 2014 compared to a year earlier.

New home inventory — which includes model homes, homes under construction and finished vacant homes — stood at 7,279 units at the end of 2014, up 46 year over year.

Here are some other highlights of the report:

•  Builders reported that sales activity through fourth quarter 2014 surpassed their own business projections.
•  There were 12,354 new home starts through Dec. 31, up 24 percent from 2013.
•  There are 20,828 vacant but entitled homesites at the end of 2014, a 20.2-month supply.
•  At the end of the year, 9,284 lots were under development, considered a record pace by Residential Strategies.
•  Resale listings remain tight with a 2.4-month supply, though the inventory at the end of November was 8 percent higher than in 2013 at the same time.