Austin Real Estate Unemployment Rate Increases Slightly, Number of Austin Homes Sold Still Down, Austin Home Prices Still Up For the Year

The May 2008 unemployment numbers have arrived from the Texas Workforce Commission! The updated numbers show that the Austin Texas unemployment rate increased from 3.3% in April 2008 to 3.7% in May 2008, which represents an increase of 3,400 unemployed people in Austin between April and May 2008.   When comparing May 2008 to May 2007, May 2007 was better with 4,200 less people unemployed.

So far through May of this year, 3,608 houses have been sold with a median price of $120.95 per square foot, which is 20% less houses sold in 2008 than the 4,509 that sold during the same time in 2007.  The median sold price for homes in Austin has actually increased by 2.4% in 2008 compared to 2007.

While the Austin unemployment rate has increased since last month and compared to 2007, the increase is small and the overall Austin unemployment rate is still 1.5% lower than the national average.  Home prices have remained robust with an overall year to date increase, which is a sign of strength and stay power in our Austin real estate market.

If you’re looking to buy in Austin, much of the overpriced inventory has been pulled from the market and many fairly priced homes remain.  If you are a seller, prices have continued to rise slightly so it is still a good time to sell.