2012 is looking promising to Austin custom home builders. The housing market is showing signs of gradual upturn from years past.
Although sales of new homes in February fell from January, they grew by more than 11 percent in comparison with last year, and prices rose. The median new home price in February increased 8.3 percent to an eight-month high of $233,700, as compared to last February’s 6.2 percent rise. Existing home sales in February were up 9% from the same time in 2011. The number of new homes beginning construction fell in February, however permits for future projects approached a 3.5-year high. U.S. Builders have shown confidence in the current housing market as they have requested 5 percent more construction permits in February. That increased the annual rate to an adjusted 717,000 permits, the Commerce Department reported.
KB Homes Chief Executive Officer Jeff Mezger suggests, “The overall housing market is better, but this is definitely a localized recovery … and in some cases, it’s a zip-code-by-zip-code recovery.” Since Austin is fairing much better than other areas of the country, we can expect growth at a quicker rate than those other parts.
The conditions are the best right now for beginning to build your custom homes in Austin than they have been in recent years.
