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Location: Austin, Texas, United States

I'm a software engineer / partner working for a young company in Austin, Texas, USA. I spend most of my free time hanging out with friends and family, eating out, and partying in the Warehouse District. I should spend more time working on my house....

Tuesday, August 16, 2005

More Housing Buble

A few days ago I mentioned how I thought it was strange that the NYTimes mentioned Austin in an article about the impending bust of the housing bubble. Well, today CNN reported that the bubble continues to be frothy with "U.S. home prices rose at an annual rate of 13.6 percent, to a median price of $208,300." Additionally, they provide a list of over 150 metropolitan markets.

What about the Austin-Round Rock market you ask? Well, according to the report we have a year-to-year increase of 5%, yeilding a median home value of $166,800. That is a nice rate, (I have read that 3-5% annually is about average) but nothing special. Particularly during a "boom" in the housing market. For comparison here the Texas Metropolitan Areas mentioned, in order of growth:

Metropolitan AreaGrowthMedian Price
El Paso13.4%$108,900
Corpus Christi10.3%$123,000
San Antonio7.5%$134,000
Dallas-Fort Worth-Arlington5.7%$149,100
Austin-Round Rock5.0%$166,800
Houston-Baytown-Sugar Land2.4%$142,500
Beaumont-Port Arthur0.6%96,500

By the way, yes Austin does have the highest median home price, but that has been true for almost a decade now and isn't really related to the boom (at least not this one).


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