Summer is here. So what does that mean for Austin real estate? Both the number of homes sold in the Austin area and the supply of homes for sale are down as compared to this time last year. There are 3,934 single-family homes actively for sale within the city limits of Austin, Texas as of 6/4/09.
Some good news is that the Austin unemployment rate has continued to decline. The overall unemployment rate for the Austin area was 6.2% in April 2009 and has gone down to 5.8% over the past month. The Austin unemployment rate remains lower than both the State of Texas and the national unemployment rate, which serves as a comforting indicator of economic strength for Austin.
For a more detailed market update with average cost per square foot, numbers of homes for sale, pending, and withdrawn, and more, feel free to read my full report on the Regent Property Group website, here.