AUSTIN, Texas — Austin boasts a rate of 31.1 building permits for every 10,000 residents, meaning the city constructs more homes per capita than any other city in the U.S., the Austin Business Journal reported.
This distinction comes despite rising rent and overall cost of living across the Austin area. The median home price in Austin city limits, for example, hit $640,000 in April, according to the Austin Business Journal.
Some experts told the Journal that lackluster inventory, which recently held at 0.7 months, will continue to drive up housing costs.
The Austin Business Journal went on to report that experts believe "the market has been too hot lately and wasn't sustainable," though rising property taxes and interest rates are cooling things down a bit. Despite this, the housing market is expected to remain robust due to job creation.
Austin is also leading the nationwide charge in bringing larger amounts of housing online, the report states.
Read this full story in the Austin Business Journal.
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