Austin building permits are being issued at a record-setting pace.
The Austin Business Journal reports that Austin is number six by number of permits issued this year. However, the number of Austin building permits nabbed the top spot for activity per capita in the 50 largest US Metro areas. That despite the fact that Austin is only 31st on the list of the largest metros in terms of population.
Single-Family vs Apartments
Single-family homes are still being built at a faster pace than apartments. In 2017, Austin had the fifth highest number of building permits for single-family. This year Austin building permits have kept the city at the same place on the list. For multifamily, Austin was number 10 last year and is number 6 so far this year.
Multifamily on the Rise
Multifamily permits are up. 57 percent of all Austin building permits in the metro area were for multifamily construction in 2018. In Austin proper, there have been 6,192 permitted apartment units this year compared to 2,259 single-family units.
A New Record
In 2017, 26,700 new housing units were issued Austin building permits. That was higher than the last record, set in 2006. Experts forecast that 2018 will surpass last year’s record.
Austin’s home prices are still increasing despite the record construction. The value of the housing that has been issued Austin building permits this year is $2.7 billion. That’s an increase of 19 percent over the first 6 months of last year. Last year’s first six months’ value was up 15 percent over the beginning of 2016.
However, the Austin housing market continues to climb. The median price for a home in the Austin metro was $326,650 in June. That was up 4.9 percent over June 2017. The number of homes for sale, though, continues to be tight, even as construction is on an upswing. It will take time before supply catches up with demand.