Apr 11 2009
Austin new home starts down 47%
According to Residential Strategies, Inc., new home starts feel 47% in the first quarter of 2009. While this data could be interpreted as negative, it is important to remember that a decreasing supply of homes is required to put the market back in equilibrium.
The total supply of new homes in the Austin area fell 17% to 4,455 units, which is only a 5.3 month supply of inventory. Anything below 6 months is considered a sellers market.
The median price of new homes sold in Austin actually rose from $212,897 to $216,448.
You can read the full story at: http://austin.bizjournals.com/austin/stories/2009/03/30/daily32.html?s=du&ana=e_du_pub&ed=2009-04-01
[...] homes going under contract on the rise, the best deals are going fast. 5. New home starts in the Austin area were down 47% in the first quarter of 2009. This lack of new home construction is beginning to shift the [...]
[...] homes going under contract on the rise, the best deals are going fast. 5. New home starts in the Austin area were down 47% in the first quarter of 2009. This lack of new home construction is beginning to shift the [...]