The 2013 Housing Forecast revealed the Austin market is continuing to recover from the recession and that home sales have been increasing while mortgage rates remain low, according to data from Metrostudy, which provides data and information on the housing market for 40 markets in the United States.

The Austin Board of Realtors and the Home Builders Association of Greater Austin hosted the fifth annual forecast Jan. 8 to provide information about the real estate climate for local and national economic levels.

Metrostudy's statistics showed a supportive climate for further improvement in the Austin area's housing market, including in the areas of employment, housing starts and the Housing Price Index, which measures the prices of residential homes.

"I think this is really important as prospective homebuyers are thinking about entering the market again and can feel confident that home prices are on the way up," said Eldon Rude, director of Metrostudy's Austin market.

Rude said 35,300 new jobs were created in Austin from November 2011 to November 2012. On the national level, Metrostudy statistics show that 1,897,000 new jobs were added during the same time frame. Rude said that in addition to employment, consumer confidence is one of the most important variables in people's decisions to purchase a home. He said homebuyers' confidence has grown as the recovery of the Home Price Index continues to improve.

In 2012, local housing starts were up 30 percent from 2011, with data showing 7,981 new single-family home starts for the Austin region. Rude said he expects that number to continue to increase in 2013. Housing starts measure the number of new residential construction projects that have begun during a given period of time.

In addition to Austin, the forecast focused on the U.S. economy. Tim Fisher, president of the Texas Mortgage Bankers Association, said that as rental rates continue to climb, it is a great time to buy homes.

"The good news is that [mortgage] interest rates are incredibly low, and they are going to stay that way for a long time," he said.