Austin Unemployment and Austin Real Estate Market Update May 2009
published on July 1, 2009
The Austin unemployment rate (Austin-Round Rock) slightly increased from 5.8% in April 2009 to 6.1% in May 2009 with 300 more people employed in Austin-Round Rock in May 2009 than the previous month. In comparison, during the same time period the State of Texas unemployment rate increased from 6.4% in April 2009 to 6.9% in May 2009. The United States unemployment rate increased from 8.6% in April 2009 to 9.1% in May 2009. As you can see Austin-Round Rock continues to be significantly lower than the National Average.
Between January 1st and July 1st of 2009 there were 3,775 single-family homes sold within the Austin city limits with a median sold price of $116.88 per square foot ($233,000), which is a 4% reduction in the median sold price compared to 2008, and averaging 71 days on the market. During the same time period in 2008 there were 4,664 homes sold (21% more than 2009) with a median sold price of $121.76 per square foot ($240,000), and averaging 58 days on the market.
Bank rates for a 30 year fixed mortgage remain very low at 5.39% as of 7/1/09 according to bankrate.com. With mortgage rates at all time lows and with the $8000 tax credit for first-time homebuyers now in place, there are plenty of reasons to buy an Austin home during 2009.
Click here to conduct 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.
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