San Antonio #4 in report released by Truila
January 11, 2013
A new report released by Trulia points out, “2013’s Top 10 Healthiest Housing Markets’. It reviews the largest housing markets in the country based on what Trulia identifies as the three fundamental characteristics of a healthy housing market: strong job growth; low, but manageable, vacancy rates; and low foreclosure inventory. These are the best housing markets for 2013.
Number 4. San Antonio, Texas
- Job growth: 2.7 percent
- Vacancy rate: 2.8 percent
- Construction permits: 8.5 per 1,000 homes
San Antonio is one of four top housing markets for 2013 located in Texas. Through November, the median asking price per square foot in the area was just $88.44, less than nearly two-thirds of the nation’s largest real estate markets. Also, as of November, asking prices in the area had risen just 0.8 percent from the year before, less than any other top market for 2013. But like other areas in Texas, including Austin, Fort Worth and Houston, San Antonio is building rapidly. For the first 10 months of 2012, there were 8.5 construction permits per 1,000 units in the metro area, faster than all but 14 other areas in the United States. The region also was relatively unaffected by the housing crisis, as home prices fell by 3.2 percent from peak-to-trough.
Number 5. Austin, Tex.
- Job growth: 3.5 percent
- Vacancy rate: 1.2 percent
- Construction permits: 21.5 per 1,000 homes
The Austin metropolitan area has benefited from a combination of job growth and declining vacancy rates.The 3.5 percent job growth in the first 10 months of 2012 was the third largest of all metro areas driven by a surge in job growth in sectors such as technology, education, health care and construction. Meanwhile, the 1.2 percent vacancy rate was the third-lowest of all metropolitan areas. Construction levels were at 120 percent of local historical normal levels in the first eight months of 2012, while there were 21.5 construction permits per 1,000 residents in the first 10 months. Both figures were better than any of the 100 largest housing markets.