New Jobs, Low Unemployment and Home Price Increases a Good Sign for Austin Texas Real Estate Market?

According to the Texas Workforce Commission, the Austin Texas unemployment rate decreased from 3.9% in January to 3.6% in February.  This represents a decrease of 2,700 unemployed people in Austin.   Additionally, there were 16,900 more people employed in Austin in February 2008 compared to 2007. 

Although the number of homes sold in Austin has decreased significantly in 2008 compared to 2007, home values have continued to increase, new jobs have continued to be created, and unemployment has remained low.   While Austin has dealt with some of the pains of the national housing woes in terms of a reduction in the number of homes sold this year compared to last, the economic fundamentals still show strength that should provide some relief to homeowner anxieties.