Home prices are generally up in Austin, with the median price for a home in the Austin area about $190, 300. Overall, home prices increased 4.1 percent in the fourth quarter last year, as reported by the National Association of Realtors.
Home Sales Up in Austin
Sales were also up last year in many Austin areas, although some areas experienced a lag in 2010 over 2009. However, even in areas where sales were down, prices were still creeping up. Austin’s housing market, like other cities where employment is strong, is showing signs of increasing health. Austin home loans, mortgage refinancing, and even first time home buyer loans are going strong.
Foreclosures Still Playing a Role
Foreclosures are still playing a pivotal role in lower home prices and inventory buildup around the country, particularly in hard hit states like California and Nevada. In fact, foreclosure sales have jumped dramatically in those states last month.
The housing recovery, like the economic recovery in general, has not been even throughout the nation. Places like Washington, D.C. and Austin are fortunate to look on the bright side, while other parts of the country are still struggling. Although one interesting trend across the country that we have mentioned before is that home renovations are up. This shows both an optimism in the future and renewed interest in home values.