Real Estate news

Austin home prices are still on the rise but trail much of nation

Austin home prices are still on the rise but trail much of nation

According to Zip Realty, median home sales across the nation increased by 11 percent in 2012. The national median home price in 2011 was $190,000, compared to $211,312 in 2012. 

When compared to figures from 2011, Austin home prices rose 7 percent in 2012, from $195,000 to $208,825. 

Dallas also showed a 7 percent increase, with median home prices starting at $152,900 in 2011 and rising to $164,000 in 2012. Dallas still has the lowest home prices of all major metro cities in Texas.

 Although the increases in Texas are smaller than the national average, it's still a sign of improvement.

With a 6 percent increase, Houston had a slightly smaller change than the rest of the Lone Star State cities mentioned in the report. Houston's median home price in 2011 was $155,000, compared to $165,000 in 2012. 

To compile the report, Zip Realty examined MLS data in 33 major metropolitan areas. Phoenix, Miami and Florida's Palm Beach showed the largest increases in home prices on a year-over-year basis. The areas that suffered the most during the real estate downturn, the report notes, “have exhibited the greatest improvement recently.”

Although the increases in Texas are smaller than the national average, it's still a sign of improvement. CEO and president of Zip Realty Lanny Baker thinks 2013 could be the year that many home owners who've been considering selling finally take the plunge. 

“An even greater degree of stability is expected to return to the housing market as 2013 progresses, barring some unforeseen crisis that would weaken the U.S. economy,” Baker said. “Home sellers who have delayed putting their home up for sale in recent years may consider whether 2013 is finally the year to take advantage of improving macroeconomic conditions and a healthier real estate market.”

Home for sale sold sign
Dallas home prices rose 7 percent in 2012. iStock