June 15, 2021

happy-House

The home veterans

Austin housing boom has homebuilders struggling to keep pace, prices soaring

7 min read

Home construction is booming at a rapid pace across the Austin region — but it’s still not fast enough to keep up with torrid demand, builders and local housing market experts say.

Builders started work on a record number of new homes in the Austin area in the first quarter, according to Zonda, a firm that tracks the housing market. But supply has still not caught up with demand, and that lag — coupled with factors including higher costs for lumber and other home-construction materials and a surge of newcomers, many of them affluent — continues to drive home prices up.

The demand is being driven in part by the wave of people moving in from other parts of the country.  Also playing a role are low mortgage interest rates and buyers who have transitioned to working from home during the coronavirus pandemic and are looking for more space.

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