Austin home prices will increase Q1, 2011
Austin home prices will increase Q1, 2011
Austin area home prices are expected to stop falling in the final quarter this year, according to Federal Housing Finance Agency and Moody’s Economy.com data.
The Fiserv Inc. (Nasdaq: FISV) report released today projects Central Texas residential price tags rising in the first quarter next year, reaching levels from before the recession by 2016.
The document estimates prices will have fallen about 4.8 percent by the time it reaches the trough at the end of the year. It said prices began the free fall in the final quarter 2008.
The city fared relatively well compared to 374 markets also included in the report. Markets that experienced the greatest price bubble — certain markets in California, Florida, Arizona and Nevada —won’t see home prices reach peak levels until 2025 or later. Austin prices are expected to hit the last peak on or before six years from now.
“The picture is not uniformly grim,” Fiserv Chief Economist David Stiff said. “In fact, our analysis projects that some markets are poised for a relatively fast recovery, including some areas that never experienced large declines in prices. Markets that could see prices come back within the next few years include Pittsburgh, Pennsylvania; Columbia, South Carolina and several metro areas in Texas, Washington and upstate New York.”
http://austin.bizjournals.com/austin/stories/2010/04/05/daily50.html