Austin, TX May 31th, 2011 A recently released S&P housing report shows that national home prices dipped a depressing 5.1% in the first quarter of 2011. Experts are attributing some of this to the expiration of the housing tax credit programs offered by the government to home buyers. Despite this, the resilient market in Austin, TX has continued to defy the national averages and show positive changes to home values two years in a row. These increases in value can be attributed to Austin's strong economy, stable job market and its amazing location amid the Texas hill country.
Austin, TX May 31th, 2011 A recently released S&P housing report shows that national home prices dipped a depressing 5.1% in the first quarter of 2011. Experts are attributing some of this to the expiration of the housing tax credit programs offered by the government to home buyers. Despite this, the resilient market in Austin, TX has continued to defy the national averages and show positive changes to home values two years in a row. These increases in value can be attributed to Austin's strong economy, stable job market and its amazing location amid the Texas hill country. Austin's unemployment rate is holding at around 7.9% and the metro area was recently ranked #3 in a list of top 25 cities for new college graduates. The median income for college grads is at $47,297 annually and while these numbers are far from impressive, they are enough to continue an upward trend in home values. Austin experienced only a slightly increase in median home values, 2.63% in 2010 over 2009 sales numbers. But marketing data from the Austin Board of Realtors shows that median home prices in April 2011 were up 3.25% over the same month in April of 2010. While this data is optimistic, total number of homes sold are down over 16% compared to the same time last year. Further trends show that housing values for middle-class families have fallen, despite the overall increase in home values. It's clear that upper-middle class and high-end housing is pulling away from the rest of the market; not a surprise given Austin's white collar population and technology driven job market. Both Travis and Williamson County Central Appraisal Districts have used this data to justify increasing property taxes for many homes, despite the obvious differences between the different sectors. For this reason it is recommended that any homeowners in the Austin Metro area that feel their property taxes have been increased unfairly, contact a local real estate appraiser to discuss performing a property tax protest appraisal. Further information can be obtained from RealEstateAppraisalsAustin.com 8127 Mesa Dr. B206-177 Austin, TX 78759 (512) 900-7929