Austin Unemployment and Austin Real Estate Market Update March 2010

The Austin unemployment rate (Austin-Round Rock-San Marcos) decreased from 7.3% to 7.1% in March 2010 with 6,200 more people employed in Austin-Round Rock-San Marcos in March 2010 than the previous month due to an increase in the Civilian Labor Force by 5,100 people and a decrease in those unemployed of 1,100.  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 8.3% in February 2010 to 8.2% in March 2010.  The United States decreased unemployment from 10.4% in February 2010 to 9.7% in March 2010. Austin-Round Rock-San Marcos continues to be lower than the National Average.

Between January 1st and April 26^th 2010 there were 2100 single-family homes sold within the Austin city limits with a median sold price of $116.93 per square foot ($231,000), which is a 2.2% increase in the median sold price per square foot compared to the same time period in 2009, and averaging 65 days on the market.  During the same time period in 2009 there were 1935 homes sold (8% less than during same time in 2010) with a median sold price of $114.43 per square foot ($223,000), and averaging 75 days on the market.   

Bank rates for a 30 year fixed mortgage remain very low at 5.07% as of 4/26/10 according to www.freddiemac.com. With mortgage rates at all time lows and the low median price of $231,000 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.