October 22, 2013
In September, the National Association of Realtors reported that existing single-family home sales continued their streak of 27 consecutive months of annual increases. The 5.3 million homes sold declined 2% month-over-month but rose 11% year-over-year.
In addition, single-family home prices also increased year-over-year, with the median price appreciating 12% annually to $199,200. With prices and mortgage rates rising, home affordability has hit a five-year-low, meaning the demand for multifamily is expected to rise in the coming months.
Read more at Austin Business Journal.