02 April . 2012
Austin area’s job and population growth are substantially boosting demand for housing
Recent comments by a real estate expert suggest that Austin area home shoppers could save money by buying sooner rather than later.
Addressing the Austin chapter of the Urban Land Institute, Eldon Rude of Metrostudy said the area’s job and population growth are substantially boosting demand for housing. Metrostudy tracks residential real estate trends and its February market survey found that the number of people shopping for homes in the Austin area was up 50 percent from the same month a year earlier and the number of home sales was up 31 percent.
Meanwhile, the supply of available new homes in the Austin area is at the lowest level since the early 1990s, Rude said. The reason is that new home builders cut back production when the economy slowed and they have not yet caught back up with resurging demand.
As a result of demand outstripping supply, Rude said he expects new home builders to begin raising prices. Indeed, two of the Austin area’s largest builders told an Austin American-Statesman reporter that they have already raised home prices in recent months.
Rude’s comments coincided with the recent opening of Sweetwater, Austin’s newest master-planned community, and the special pre-construction pricing that home builders are offering here. So even though new home prices are expected to climb in the months ahead, there are still good deals to be had at Sweetwater now.
Stop by Sweetwater, talk to our builders and find out how much you can save by buying a beautiful new home today.