Austin Unemployment and Austin Real Estate Market Update November 2009

Austin Real Estate vs Unemployment

The Austin unemployment rate (Austin-Round Rock) dropped to 6.9% in November 2009 from 7.2 % in October and September 2009 with 3,200 more people employed and 2,300 less people unemployed in Austin-Round Rock in November 2009 than the previous month due to an increase in the Civilian Labor Force by 900 people.  In comparison, during the same time period the State of Texas unemployment rate decreased from 8.1% in October 2009 to 7.9% in November 2009.  The United States decreased unemployment dropped to 9.4% in November 2009 from 9.5% in October 2009. Austin-Round Rock continues to be significantly lower than the National Average.
 
Between January 1st and December 25th of 2009 there were 8,217 single-family homes sold within the Austin city limits with a median sold price of $117.32 per square foot ($232,000), which is a 3.105% reduction in the median sold price compared to 2008, and averaging 68 days on the market.  During the same time period in 2008 there were 8,482 homes sold (3.124% more than 2009) with a median sold price of $121.08 per square foot ($240,000), and averaging 59 days on the market. 

Bank rates for a 30 year fixed mortgage remain very low at 5.28% as of 12/28/09 according to bankrate.com. With mortgage rates at all time lows and with the $8000 tax credit for first-time homebuyers and the $6500 tax credit for home owners now in place, there are plenty of reasons to buy an Austin home immediately.
 
Click here for an Austin home search.  Contact Brian Talley at 512-554-9714 if you need help buying or selling an Austin home or if you have a need for Austin Texas office space.
 
Source: Raw real estate data provided by the Austin Board of REALTORS® and interpreted by Austin REALTOR® Brian Talley of Regent Property Group.  Unemployment data provided by the Texas Workforce Commission.  Although the above information is deemed reliable, it is not guaranteed to be reliable or accurate.  The information contained herein is subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC.

 

Date: Monday, December, 28th 2009 @ 02:43:32 PM
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