Tue 25 Mar 2008
Housing Market
Posted by Devman under Technical
The bad news: Housing prices on average are down across much of the nation due to the sub-prime mortgage mess and resultant fallout.
The good news: Austin, Texas housing prices remain strong!
The chart below shows the median house price and the increase or decrease from the year before:
| 2007 | $168,806 | (8.49%) |
| 2006 | $155,594 | (14.17%) |
| 2005 | $136,277 | (1.88%) |
| 2004 | $133,760 | (1.98%) |
| 2003 | $131,164 | (-3.00%) |
| 2002 | $135,215 | (12.68%) |
| 2001 | $120,000 | (18.77%) |
Last year (2007) for many metro areas saw a drop in prices, but Austin on average increased almost 10%! This year will probably be even worse for most cities, so I am interested to see how well Austin weathers the storm; I predict that in 2008 the median price will still increase, and will give a total guesstimate value of 4%.
It’s a little good news amid the housing gloom if you live in Austin.
March 26th, 2008 at 10:57 am
A falling housing market is only gloomy if you are forced to sell your house for some reason.
Otherwise it means that people who don’t have a house can get in one for cheaper and people who do have a house will pay less taxes.