| After a rather neutral start in 2008, the real estate | | | | years. The area has not seen increases in property |
| market for residential homes in Austin has increased | | | | value of 200% to 2000% as has been seen in some |
| its inventory of homes for sale, according to | | | | areas of California and Florida, for example. This, |
| statistics from the Austin MLS. This is happening | | | | coupled with an equally consistent growth in jobs and |
| despite a continuation of one of the highest | | | | a high rate of population increase, has worked to |
| metropolitan growth rates in the country and a | | | | protect real estate from attaining overly inflated |
| strong and growing local economy. | | | | values which make it vulnerable to bubble bursting in |
| According to different Austin real estate agents, bad | | | | times of economic difficulty. |
| economic news from other parts of the country are | | | | The Texas Real Estate Market Report shows that |
| causing prospective buyers to hold off as they wait | | | | Austin/Round Rock led the state in population growth |
| and see what the economy might do. Some of them | | | | between 1997 and 2007. The area consistently ranks |
| may be hoping that prices will fall even more before | | | | in national top 10 lists for growth. For example, from |
| they buy, even though buying prospects are strong | | | | July 1, 2006 to July 1, 2007, Austin was the 5th |
| right now. Current mortgage rates are the lowest | | | | fastest growing metropolitan area in the US, |
| they have been in 35 years. The last time rates were | | | | according to Census Bureau population estimates. |
| this low during a buyer's market was in 1973. | | | | All these new people moving into the city and its |
| This wait-and-see approach has caused a slight drop | | | | outlying areas(more than 65,000 of them from 2006 |
| in prices in some areas, but most area properties are | | | | to 2007) need a place to live. Many will buy homes. It |
| holding steady in value. The market is slow right now, | | | | is this kind of growth that is helping to keep Austin |
| but is not depressed like it is in some other areas of | | | | real estate values from falling as much as they are in |
| the country. | | | | other parts of the country. |
| Statistics from the U.S. Census bureau and compiled | | | | However, ironically, it may be that Austin's tech |
| by the Texas A&M Real Estate Center and | | | | recession in the early 2000's that is helping to bolster |
| published on July 3 this year in the Texas Real Estate | | | | the market today. According to a report published by |
| Market Reports show that the population in the | | | | the demographics department of the city of Austin, |
| Austin/Round Rock metropolitan area has increased | | | | "We never had a housing bubble here because of the |
| by about 43% since 1997. Almost 1,600,000 people | | | | lingering effects of the tech recession, and ironically it |
| now live in the area. The city of Austin expects this | | | | was the depth of our local recession that then gave |
| growth trend to continue as far ahead as 2020, | | | | us protection from the ruinous fallout from a bursting |
| according to the report. | | | | bubble in residential real estate that has dramatically |
| Experts also expect an increase in jobs and a low | | | | altered the economic landscapes of Florida, California, |
| unemployment rate to continue during the next ten | | | | Arizona, New England and the Midwest." |
| years. Austin and the Texas Hill Country will continue | | | | One thing seems certain; the Austin real estate |
| to be one of the fastest growing areas of the nation | | | | market remains one of the surest and safest in any |
| and is expected to enjoy one of the healthiest | | | | of the metropolitan areas in the country. That |
| economies as well. | | | | coupled with the nationally recognized quality of life |
| Some experts have pointed out that the rise in real | | | | that the city offers makes Austin one of the |
| estate values in Austin has remained steady over the | | | | "sexiest" urban areas in the country. |