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Austin Unemployment and Austin Real Estate Market Update April 2010

published on May 21, 2010

The Austin unemployment rate (Austin-Round Rock-San Marcos) decreased slightly from 7.1% to 7.0% in April 2010 with 6,400 more people employed in Austin-Round Rock-San Marcos in April 2010 than the previous month due to an increase in the Civilian Labor Force by 6,200 people and a decrease in those unemployed of 200.  January’s unemployment rate was the highest rate on record since 2000 in the Austin-Round Rock-San Marcos area so the decrease in unemployment is welcome. In comparison, during the same time period the State of Texas unemployment rate decreased from 8.2% in March 2010 to 8.1% in April 2010.  The United States decreased unemployment from 10.2% in March 2010 to 9.5% in April 2010. Austin-Round Rock-San Marcos continues to be lower than the National Average.
 
Between January 1st and May 21st 2010 there were 2973 single-family homes sold within the Austin city limits with a median sold price of $118.59 per square foot ($232,700), which is a 2.6% increase in the median sold price per square foot compared to the same time period in 2009, and averaging 62 days on the market.  During the same time period in 2009 there were 2587 homes sold (13% less than during same time in 2010) with a median sold price of $115.52 per square foot ($228,000), and averaging 73 days on the market.   
 
Bank rates for a 30 year fixed mortgage remain very low at 4.84% as of 5/21/10 according to www.freddiemac.com. With mortgage rates at all time lows and the low median price of $232,700 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
top Austin Realtor® Brian Talley of Regent Property Group.   The unemployment data was provided by the Texas Workforce Commission and the Austin American-Statesman.  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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