Home inventory in the rest of the U.S. may be down, but not in Austin, Culturemap Austin reports.
According to a report by Zillow, Austin has 24 percent more houses for sale than last year, the highest in the nation.
In the rest of the country, home inventory is down 9 percent. Experts blame investors who are more likely to purchase a home and turn it into a rental than to sell it. Even though Austin has had a 64 percent increase in its rental stock, it’s still seeing increased inventory in the housing stock for sale.
Nationally, houses were for sale for 77 days before being bought. In Austin, it was 92 days. Nationally, the median home price increased 7.4 percent, while in Austin it went up 7.5 percent to $271,000, per Zillow’s figures.
Across the rest of the state, Dallas’ home values increased 11.2 percent, which was the second highest in the nation. Houses for sale increased 8.3 percent and rentals went up 66 percent. Houston saw its houses for sale go up by 9 percent and houses for rent increase by 59 percent. Houston’s home values were down, though, by 2.7 percent. San Antonio did see lower inventory, but just barely, at .9 percent. Home values increased just 5.7 percent and rentals grew by 38.8 percent.