Market Review & Housing Affordability
February 12, 2011 at 5:15 pm nelsonproject Leave a comment
Wanted to give you some links that provide good information on the Austin real estate market, 2010 summary and what we’re seeing right now early into 2011. These are some of the main data resources we use in tracking the market.
One thing that we watch with interest is what we call the Housing Affordability Index (HAI). Published by the National Association of Realtors (NAR), the HAI is the ability of the average family to afford the average home with only 20% down. It measures whether a typical family could qualify for a typical mortgage on a typical house. The index is up, meaning affordability is up mainly because of 2 of these 3 factors … pretty sure the typical family income is not up so it’s the seriously low mortgage rates and the downward effect of home prices creating the increased HAI. From 1990 – 2008, the index was around 115-140; it’s over 180 right now. When interest rates go up, the index will creep back down.
One of the best sources for Texas and Austin real estate stats is the Texas A&M Real Estate Center. Here is a link to the Austin data page: http://recenter.tamu.edu/data/hs/hs140.asp.
The Austin Board of Realtors has an excellent report out, Implications & Expectations for Austin’s Market, that outlines the overall 2010 market results.
One of the main things we’re seeing in Austin is price softening but volume of sales creeping up. These are averages for Austin and your local neighborhood market may have different trends with many neighborhoods holding steady. Buyers will pick up this spring but so will the number of homes on the market.
Again, we’re always saying real estate is local and we are happy to run stats & strategy specific to your neighborhood.
The Nelson Project at Keller Williams Realty in Austin strives to provide valuable real estate information and news through this blog and our other online resources. Find more about The Nelson Project and search for Austin homes at www.TheNelsonProject.com. If you like this blog, you may want to visit our totally useful Austin neighborhood portal. We think you may also like www.tacomap.info (tacos first, real estate second). If you really like what you see, tell your friends to call us with their Austin real estate needs.
© Julie Nelson and The Nelson Project at Keller Williams Realty, 2009-2011. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.
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