In the midst of a rough week in the mortgage industry, it is worth taking a break from the doom and gloom to report that the Austin housing market has been relatively strong over the last year even as prices have decreased in other markets. Whatever does happen in the national economy, the strength of the Austin housing market means that we will fare better than most areas of the country where the housing market is much more tenuous.
According to the Austin Business Journal:
The cost of Austin-area homes has increased 5.6 percent in the last 12 months as prices on the national stage dropped 1.5 percent, a report released Wednesday shows.The median price for a home in the Austin-Round Rock metropolitan market stood at $186,600 at the end of the second quarter, up from $176,700 in the second quarter of 2006, according to the National Association of Realtors’ quarterly housing report.
While this growth does not reflect what has happened over the last couple of weeks, and provides no guidance as to what will happen in the next couple of months, it is better to enter a difficult period from a position of strength.