Austin housing market forecast to continue growth in 2013

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.