Austin Realtors Unemployment and Austin Real Estate Report June 2008

Austin Realtors Report: Unemployment numbers for June 2008 have arrived from the Texas Workforce Commission! The updated numbers show that the Austin Texas unemployment rate increased from 3.7% in May 2008 to 4.2% in June 2008, which represents an increase of 4,300 unemployed people in Austin between May and June 2008.   When comparing June 2008 to June 2007, June 2007 was better with 2,800 more people employed.  Austin’s unemployment rate continues to beat the overall State of Texas unemployment rate by .6%, 4.8% for the State of Texas versus 4.2% for Austin. 

So far through June of this year, 4,931 houses have been sold with a median price of $122.24 per square foot or $240,000, which is 23% less houses sold in 2008 than the 6,388 that sold during the same time in 2007.  The median sold price for homes in Austin has actually increased by 2.1% from $119.68 or $235,000 in 2007 to $122.24 or $240,000 in 2008. 

Lease prices in Austin have risen 8% in Austin in 2008 compared to 2007 with 3,838 leased year-to-date for a median lease price of $1,250 a month compared to 3,815 leased for a median price of $1,150 per month during the same period in 2007.  There are 1,177 leases available in Austin currently, which is only 62 days of lease inventory – not a lot!  Leases are going fast right now. 

While the number of homes sold is still down significantly in Austin in 2008 compared to 2007, home prices have continued to rise slightly and employment has stayed strong.  While unemployment has risen slightly to 4.2% this month, things were worse in Austin back in 2002 and 2003 when unemployment peaked at 6.1% and 6.2% respectively following the technology bust.  Compared to slightly rising prices and lower unemployment today, median prices remained flat from 2002-2004 at $99.22 per square foot in 2002, $99.24 in 2003, and $99.45 in 2004.  This seems to indicate that the housing market and Austin economy is doing better than the last down cycle, which was and is more of a slowdown than a bust. 

Austin continues to be one of the most desirable places to live in the country.  Round Rock was ranked #7 on Money magazine’s list of the top places to live in their August 2008 issue.  So if you are thinking about buying, there are a lot of choices and if you want to sell, prices are still holding strong for Austin Texas real estate.  Give me a call to get started at 512-554-9714!

Raw real estate data provide by Austin Board of Realtors with analysis and article provided by Brian Talley of Regent Property Group.