Austin Ranked #5 on New Forbes List

Posted on Tuesday, August 26th, 2008 at 11:41am.

Today, Forbes ranked Austin #5 in a list of cities where home prices are likely to rise. To calculate their rankings, Forbes.com analyzed statistics such as Moody’s job growth (4.7% for Austin), the National Association of Home Builders record of housing starts (down 28.2% in 2008 for Austin) and their own projections for the increase in number of families moving to particular cities (5% for Austin).  Although Austin is still doing relatively well compared to the rest of the nation, they noted that large builder’s bearish attitudes about the whole economy has caused them to slow down on new home starts everywhere, including Austin. Additionally, Forbes.com specifically cited Austin as one of the rare cities that have “largely avoided the real estate crash” pointing out homes price increases of 4.1% for Austin since last year. They concluded that Austin home prices would likely continue to rise due to the reduction in new home starts while job growth increases and people continue to move to Austin.  

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