The Central Texas new-home market continued building steam in the third
quarter, as builders started construction on 2,376 homes, a 37 percent
increase from the same quarter last year, the latest figures show.
"The combination of increasing demand, few finished new homes in inventory, increasing pricing, and greater buyer confidence are all combining to result in more new home sales this year compared to the last several years," said Eldon Rude, director of the Austin division of Metrostudy, which tracks the numbers. "The last time we recorded so many new home starts was in the second quarter of 2008, over four years ago."
The annual rate of new home starts in the region is now at 7,193 homes, 21 percent higher than the 12-month pace at the end of September 2011. The last time starts in the Austin area topped 7,000 units was more than three years ago.
Most Popular Stories
- Fed Committee Optimistic About Growth Prospects
- Musk Donates to Tesla Museum
- Terrific World Cup Ends with Marquee Final in Brazil
- U.S.' No. 2, No. 3 Tobacco Cos in Merger Talks
- Ex-CalPERS Chief Admits Receiving Bribes
- Freshman Frustrations in Congress
- Crumbs to Be Reopened by Chicago-based Investor, Owner of Dippin' Dots
- Samsung Earnings Hit by Slowing China Sales
- Pau Gasol Turns Down Lakers' Offer
- Sales Show Samsung Needs Next Big Thing