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Austin Unemployment and Austin Real Estate Market Update February 2010

published on March 26, 2010

The Austin unemployment rate (Austin-Round Rock) decreased from 7.6% to 7.2% in February 2010 with 6,200 more people employed in Austin-Round Rock in February 2010 than the previous month due to an increase in the Civilian Labor Force by 3,400 people and a decrease in those unemployed of 2,800.  January’s unemployment rate was the highest rate on record since 2000 in the Austin-Round Rock area so the decrease in unemployment is welcome. In comparison, during the same time period the State of Texas unemployment rate decreased from 8.6% in January 2010 to 8.3% in February 2010.  The United States decreased unemployment slightly from 10.6% in January 2010 to 10.4% in February 2010. Austin-Round Rock continues to be lower than the National Average.
Between January 1st and March 25th 2010 there were 1289 single-family homes sold within the Austin city limits with a median sold price of $117.18 per square foot ($231,850), which is a 3.7% increase in the median sold price per square foot compared to the same time period in 2009, and averaging 68 days on the market.  During the same time period in 2009 there were 1261homes sold (2% less than during same time in 2010) with a median sold price of $112.98 per square foot ($221,990), and averaging 79 days on the market.   
Bank rates for a 30 year fixed mortgage remain very low at 4.99% as of 3/25/10 according to 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.   However, the government will stop buying large quantities of mortgages after March 2010, which may increase interest rates.
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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