Austin housing recovery to rev up in 2013Austin housing recovery to rev up in 2013https://www.recenter.tamu.edu/news/newstalk-texas/?Item=86072013-01-10T06:51:00Z2013-01-10T00:00:00Z

AUSTIN AREA - Housing recovery will gain even more steam this year in Central Texas, with builders projected to start construction on 9,000 to 10,000 homes, according to Eldon Rude, director of Metrostudy's Austin market.

Rude’s forecast predicts the starts level would be a 10 percent to 20 percent increase over the 7,981 houses that builders started construction on in 2012.

Central Texas’ job and population growth are two key factors propelling the region’s housing recovery, which began in mid-2011.

For the 12 months that ended in November, the Austin area registered a net gain of more than 35,000 jobs compared with the 11,000 jobs that were added during the 12 months that ended in November 2011.

In 2012, local housing starts were up 30 percent from 2011, with data showing 7,981 new single-family home starts for the Austin region. Rude said he expects that number to continue to increase in 2013.

Other factors spurring sales of new and existing homes are rising apartment rents, mortgage interest rates in the 3 percent to 4 percent range and escalating home prices.

Read more at the Austin American-Statesman.

Austin American-Statesman
Austin-Round Rock
http://www.statesman.com/news/business/expert-local-housing-recovery-to-rev-up-in-2013pen/ntqbh/Read more at {Source}

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