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Austin Unemployment and Austin Real Estate Market Update January 2010

published on March 9, 2010

The Austin unemployment rate (Austin-Round Rock) increased from 7% to 7.6% in January 2010 with 7,300 fewer people employed in Austin-Round Rock in January 2010 than the previous month due to a decrease in the Civilian Labor Force by 1,500 people and a decrease in those employed of 5,800.  In comparison, during the same time period the State of Texas unemployment rate increased from 8% in December 2009 to 8.6% in January 2010.  The United States increased unemployment slightly from 9.7% in December 2009 to 10.6% in January 2010. Austin-Round Rock continues to be lower than the National Average.
 
The Austin American-Statesman reported today that the employment numbers for Austin have been revised showing that Austin did not have as strong of a showing during 2009 as previously thought. Today’s story entitled "New data, new story on jobs" says, "Revised data from the Texas Workforce Commission now show that the Austin metro area was losing jobs from the very beginning of 2009, and that the job losses were deeper than experts thought. The revised data also show that Texas as a whole had a tougher job market last year than thought. The state lost 354,000 jobs in 2009, which is 78,000 more than the 276,000 previously estimated, according to the updated data. The commission and its counterparts around the country revise their job data each year based on newly available information from employers’ tax records that show how many people were on payrolls. The monthly numbers are estimates, based on surveys from employers. The earlier data indicated that the five-county Austin metro area didn’t start losing jobs until June, and that the worst year-over-year loss was 0.9 percent in August. Austin attracted attention around the country as being the only large city nationwide to add jobs in the first six months of the year. But the revised numbers show that job losses actually started in January 2009, with a 0.5 percent dip, or a net loss of 3,800 jobs from a year earlier. The job loss rate fell as low as 3.1 percent in August and 3.2 percent in September. The Austin metro area ended 2009 with 754,700 jobs, compared with the 773,100 it had at the end of 2008, for a loss of 18,400 jobs. Prior to 2009, Austin’s worst job loss rate in the past decade was May 2003, during the high-tech downturn, when it was 1.2 percent."
 
Between January 1st and March 9th 2010 there were 937 single-family homes sold within the Austin city limits with a median sold price of $116.93 per square foot ($229,000), which is a 2.7% increase in the median sold price per square foot compared to 2009, and averaging 70 days on the market.  During the same time period in 2009 there were 971 homes sold (3.5% more than during same time in 2010) with a median sold price of $113.23 per square foot ($223,000), and averaging 79 days on the market.   
 
Bank rates for a 30 year fixed mortgage remain very low at 5.03% as of 3/9/10 according to bankrate.com. 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.
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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