2017 Austin Housing Forecast: Pent-up demand and consumer confidence expected to drive regional housing market in 2017.
The Greater Austin forecast was presented this month by HBA and ABOR.
A positive forecast for the local market was supported based on the state of the regional labor market, buyer trends & expectations, population growth and housing supply trends.
Summary notes from the event:
• Employment growth in Texas is outpacing the rest of US. • Texas has 25% increase in jobs since 2006. • Austin has averaged 40,000 jobs annually since 2006. • Austin unemployment rate is just 3.5%. • Recent job numbers suggest Austin’s economy is slowing. • Local consumer confidence remains strong. • Pent-up demand points to positive year for home builders. • Building starts in 2017 expected to increase by 5-8% • Home resales (pre-existing) are at only 4 months-of-supply
Dr. Greg Hallman, University of Texas, concluded: “We look to be in good shape, and expect continued growth in the near-term for the US and Texas”. Sustained home prices in greater Austin are expected to increase based low home inventory and continued population and job growth trends.
For more information about the event and the presentation please call or email me at (512) 740-7166 or Retha@RethaRealty.com, and I will guide you to HBA (Home Builders Association) and ABOR (Austin Board of Realtors) resources.