The Austin area’s quarterly home building starts rose to 4,067 in the third quarter of 2016. This number, which approaches the pre-recession high set in 2006, is an 11% increase over the same period one year ago.
On a year-over-year basis, Metrostudy, a Hanley Wood company, has reported that construction began on 13,402 Austin-area homes during the 12 months that ended in September, up nearly 16% over the same period a year ago, when 11,555 new homes were started in the area.
That should be good news for home buyers, residential builders and the wider Central Texas real estate community. The Real Estate Council of Austin has called for 15,000 new homes to be built per year within city limits to keep up with staggering demand and housing affordability remains one of the region's most pressing issues.
Nearly half of the top-ten builders’ closings in the Austin area in the last twelve months have been for homes priced at $300,000 or under.