Austin new home starts rise 27 percent

AUSTIN – New home starts jumped 27 percent in a year’s time, according to Metrostudy. In first quarter 2013, there were 1,952 new home starts, an increase of 413 homes.

Closings also jumped about 30 percent between 1Q 2012 and 1Q 2013. In all, there were 1,995 final sales of new homes during the first quarter.

Currently, there are about 4,000 homes in inventory with 313 furnished model homes, 1,378 finished vacant homes and 2,296 homes under construction. The homes under construction represent a 52 percent increase from a year ago.

There is a 2.2-months supply of new finished homes, down from a 2.4 months supply a year ago.