An Economic Rise for the Second Quarter

The new housing starts are in for the second quarter of 2013.  The demand continues to outpace the supply due to the bustling economy and the large amount of immigration of people moving to Austin.  In 2013 there have been 9,027 new homes started.  This represents a 38% increase year to date.  New home closings in were very strong in the second quarter with 2,172 closings.  This was a 33% increase from the same quarter in 2012.  The annual pace is 24% better than the same time frame in 2012.
Builders are currently trying to meet the demand, at the moment there are 2,945 homes currently under construction.  That is 700 homes more than last quarter. One of the main issues builders are encountering is the increased build time due to the large amount of permit requests at the city.