Austin Unemployment & Austin Real Estate Market Update September 2010
published on October 22, 2010
The Austin unemployment rate (Austin-Round Rock-San Marcos) had a significant decrease from 7.2% to 6.8% in September 2010 with 4,200 more people employed in Austin-Round Rock-San Marcos in September 2010 than the previous month. 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 8.4% in August 2010 to 7.9% in September 2010. The United States unemployment rate decreased from 9.5% in August 2010 to 9.2% in September 2010. Austin-Round Rock-San Marcos unemployment rate continues to be much lower than the National Average.
Between January 1st and October 22th 2010 there were 6,530 single-family homes sold within the Austin city limits with a median sold price of $120.81 per square foot ($245,000), which is a 3.25% increase in the median sold price per square foot compared to the same time period in 2009, and averaging 63 days on the market. During the same time period in 2009 there were 6,908 homes sold (5.8% more than during same time period in 2010) with a median sold price of $117.01 per square foot ($232,500), and averaging 68 days on the market.
Bank rates for a 30 year fixed mortgage remain very low at 4.21% as of 10/21/10 according to www.freddiemac.com. With mortgage rates at all time lows and the low median price of $245,000 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.
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