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Austin & San Antonio to Lead State, National Rocovery

October 27, 2009 By Leave a Comment

From the Houston Business Journal…

Four Texas markets will be among the first in the nation to recover from the recession, says a nationwide forecast by IHS Global Insight.

Austin and San Antonio will lead the way, bouncing back to their pre-recession job levels sometime next year, according to the Lexington, Mass.-based economic forecasting firm, while Houston and Dallas-Fort Worth are among eight other metropolitan areas predicted to recover by 2011.

texasmuscle2010
  • Austin
  • San Antonio
2011
  • Houston
  • Dallas-Fort Worth
  • Kansas City
  • Oklahoma City
  • Raleigh
  • Salt Lake City
  • Virginia Beach-Norfolk

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  • Washington
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    Unemployment Rate in Austin Texas 2009 Update

    October 26, 2009 By Leave a Comment

    Austin releases unemployment data late, but we now have August figures for Austin, Texas, and the US.  The unemployment rate, like other factors, points to the end of the recession and the beginning of a slow & steady recovery.  We are expecting unemployment rates in Austin (along with the state and national rates) to continue to stabilize along with other indicators, including an increase in housing sales and starts and a decrease in foreclosures.  It takes time for stabilization to fully work its course, but we now have strong evidence that the worst is behind us.  In Austin, we can say with confidence that the bottom of the market was this summer and we look forward to remain in what is said to be the strongest housing market in the country here in Austin.

    National, Texas, and Austin Unemployment Rate Over Time

    austin texas unemployment reates 2009

    See a live, updated chart at http://austinhome.pro/statistics

    Austin August 2009 Unemployment Rate: 7.2 (down from 7.3 in July)
    Texas August 2009 Unemployment Rate: 8.1 (down from 8.2 in July)
    National August 2009 Unemployment Rate: 9.6 (down from 9.8 in July)

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    Austin Real Estate Report – Market Update for Late October from the Austin Board of Realtors

    October 22, 2009 By Leave a Comment

    Austin-area real estate market shows improvement over last year
    Austin Board of REALTORS® releases September 2009 real estate statistics

    October 19, 2009 – According to the September 2009 Multiple Listing Service report by the Austin Board of REALTORS®, activity in the Austin-area real estate market has shown signs of improvement from September 2008.

    In September 2009, 1,780 homes were sold, a six percent increase from 1,673 homes sold in September 2008. The median home price for Austin in September 2009 was $185,250, up two percent from the same month the prior year.

    “This spur in activity compared to last year is a good sign,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “It shows the Austin-area real estate market is healthy and has remained stable.”

    According to the report, the average median home price in the third quarter of 2009 is statistically similar to that of the third quarter of 2008. In addition, the third quarter of 2009 represented the highest quarterly average for home sales this year. There was an average of 1,857 homes sold during the third quarter of 2009, a 3 percent decrease compared to the third quarter of 2008 which averaged approximately 1,912 homes sold.

    Gohil continued, “As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November.” On Nov. 30, the tax credit for first-time homebuyers of up to $8,000 expires. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more. For more, visit www.AustinHomeSearch.com.

    September 2009 Statistics:

    • $431,530,740 – Total dollar volume of single-family properties sold, a seven percent increase from September 2008.
    • $185,250 – Median price for single-family homes, a two percent increase from September 2008.
    • 9,148 – Active single-family home listings on the market, a ten percent decrease from September 2008.
    • 1,780 – Single-family homes sold, a six percent increase from September 2008.

    The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636, ext. 1300. RSS Feed

    For quarterly market update, visit AustinHomeSearch Live  

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    Austin has best housing market in U.S.

    October 12, 2009 By 1 Comment


    A note from the Austin Home Pro…
    The Austin real estate market has long been the economist’s stronghold on optimism, because our strong local economy centered in an economically strong state continues to beat the “doom and gloom” odds.  Despite falling home prices around the nation, Austin has held strong.  Due to Austin’s slow and steady growth even during booms elsewhere in the country, Austin has little of a boom to bust.  Although national economic feats have affected our local market, the stability of Austin real estate continues to impress top experts around the country.

    Ranked the healthiest by online industry magazine

    AUSTIN (KXAN) – A homebuilding industry online magazine has ranked Austin the nation’s healthiest housing market. Builder Online cites low unemployment and high demand as reasons why the Austin market is making a comeback.

    Home prices in Austin were still going up last year, unlike most of the country, but they have finally started to fall. The latest numbers show home prices down 4.6% in 2009.

    “Clearly we’re not as good as we’d like, obviously we’d like for things to be better but still it gives you some feeling of assurance that things aren’t as bad as some people are having,” said Harry Savio with the Greater Austin Homebuilders Association.

    Builder Online notes that Austin’s population grew by more than 4% during the first half of this year which created demand and will help to firm up home prices.

    “The fundamentals are there for housing to continue to grow,” said Savio. “We don’t have a lot of inventory, we don’t have a lot of excess houses on the ground.”

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    Austin’s Economy in Perspective: Fastest Growing Economic Metro in the Nation

    October 6, 2009 By Leave a Comment

    The U.S. Bureau of Economic Analysis just completed a statistical study that ranked the top 50 fastest growing economical metros in the U.S. I am proud to report that Austin beat out New York City, Denver, Houston, Chicago, Dallas and Seattle…actually I am being modest…Austin beat out EVERYONE!!! While new statistics released yesterday by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread, Austin has been holding strong. 60 percent of metropolitan areas saw economic growth slow down or reverse…NOT AUSTIN. Real GDP growth slowed in 220 of the nation’s 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas…NOT AUSTIN. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in 2007 to 0.8…AUSTIN GREW BY 4.4%!

    To Read More CLICK HERE

    Screen shot 2009-10-01 at 1.20.59 PM

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    Real Estate Tax Credit Is About To Expire, Will It Be Extended?

    September 29, 2009 By Leave a Comment

    This morning on the Today show, there was a wonderful update on the first time home buyer tax credit and on the possibility of seeing the credit extended.  There has also been talk of the credit being expanded, but it is all up to several bills in Congress right now.  This video is very worth watching.  Take 3-1/2 minutes to hear the words from someone other than me!

    Visit msnbc.com for Breaking News, World News, and News about the Economy

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    Market Update: End of September 2009

    September 29, 2009 By Leave a Comment

    Click Here For
    Updated Graphs & Statistics for the Austin Real Estate Market

    Austin real estate market slows from summer buying months
    Austin Board of REALTORS® releases August 2009 real estate statistics

    September 18, 2009 – According to the August 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the Austin real estate market has slowed slightly during the first month of fall.

    In August 2009, 1,793 homes were sold, a 10 percent decrease from 1,994 homes sold in August 2008. The median home price for Austin homes in August 2009 was $189,000, a four percent decrease from the same month the prior year.

    “It’s fairly normal for the Austin real estate market to slow down in autumn. Although we’ve been encouraged by stable home prices and volume in recent months, we are clearly not out of the woods completely,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit has on demand this fall.”

    On November 30, the tax credit for first-time homebuyers of up to $8,000 expires. Despite speculation to the contrary, no definitive steps have been taken to extend it. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.

    August 2009 Statistics:

    • $437,228,429 was the dollar volume of single-family properties sold
    • $189,000 was the median price, a four percent decrease from July 2008
    • 1,793 was the number of homes sold, a 10 percent decrease from one year ago

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    The months of inventory for the latest Austin housing statistics showed that our inventory declined with sales in August, 2009, putting our market more in the "neutral zone" -- neither a buyer's or seller's market. Home prices held steady, declining slightly, but still showing strength in the cooling fall market. Look for a pick up in Austin real estate at the end of November and into December as the first time home buyer credit expires and other buyers pick up properties at the end of the year to pick up a Homestead Exemption for 2009.

    ddd

    0-4 Months of Inventory = Seller's Market / 4-7 = Neutral Market / 7+ = Buyer's Market......... Our months of inventory figure in Austin is still lower than the hardest-hit parts of the country and is also keeping below 2003's level, when we were in the hardest part of the tech-bust. Although things seem rough in Austin, we are still in a fairly neutral market. We are accustomed to a seller's market in Austin, so relatively speaking, now does "feel" like a buyer's market. Tax incentives and low interest rates should help us in a slow recovery.

    Austin Median Home Sales Price, Holding

    Austin Median Home Sales Price, Holding

    Our Austin home sales volume continues to outshine the Nation's.

    Our Austin home sales volume continues to outshine the Nation's.

    Austin and Texas home sales prices are holding strong relative to National home sales prices.

    Austin and Texas home sales prices are holding strong relative to National home sales prices.

    Unemployment Rates Are Dropping Across the Board - Austin's rate is due out soon, check back th http://AustinHome.Pro/Statistics for the latest Austin Economic and Housing Data

    Unemployment Rates Are Dropping Across the Board - Austin's rate is due out soon, check back to http://AustinHome.Pro/Statistics for the latest Austin Economic and Housing Data

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    Austin Market Update: Home Sales Reach 2008 Pace

    September 3, 2009 By 1 Comment

    Austin Real Estate Report

    Austin real estate sales volume continues momentum, reaches 2008 pace for July
    Austin Board of REALTORS® releases July 2009 real estate statistics
    August 20, 2009 – According to the July 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin home sales reached 2008 levels for the first time this year.In July 2009, 2,069 homes were sold, statistically unchanged from the 2,068 homes sold in July 2008. The median Austin home price in July 2009 was $191,500, a two percent decrease from the same month the prior year.“The sales volume momentum in Austin continues, now reaching 2008 levels. That’s good news, but I think it’s even better news that we’ve achieved that increase while maintaining a steady median home price,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Throughout 2009, the median price has fluctuated only slightly compared to 2008. Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate. That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin’s future.”

    Also, from January 2009, sales volume is up 61 percent and active listings are up 14 percent. “This signifies a healthy Austin real estate market and good news for both local home buyers and sellers,” said Gohil.

    July 2009 Statistics:

  • $508,810,549 was the dollar volume of single-family properties sold
  • $191,500 was the median price, a two percent decrease from one year ago
  • 2,069 was the number of homes sold, unchanged from July 2008
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    To see interactive charts, graphs, & maps updated monthly, visit & bookmark http://AusitnHome.Pro/statistics

    market health

    Median Home Sales Price

    home sales volume

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    Austin Economic Outlook: Best Case v Worst Case

    August 19, 2009 By Leave a Comment

    The current newz buzz is all about the changing state of the economy lately, and the changes we are seeing in its behavior and the outlook that these chances can provide us.  Prices and sales are up in Austin real estate, but recovery is still a long process and not all prices, areas, and parts of our economy are affected the same way.

    Recently, leading central Texas real estate expert and Chief Economist for the Texas A&M Real Estate Center, Mark Dotzour, spoke detailing his outlook for the changing economy, the stabilization of our market, and recovery possibilities.

    Political cartoon featured in the White Plains Republic in May 1932

    Political cartoon featured in the White Plains Republic in May 1932

    Best Case Scenario, according to Mark Dotzour
    “…earnest recovery in the stock markets after the Labor Day vacation, which will be followed by favorable corporate earnings in the fourth quarter of this year.”
    “The market’s current performance, while positive, is not yet an earnest recovery.  If that best case scenario does take place, the nation will see layoffs end by the end of this year and a ‘jobless recovery’ begin in 2010.”

    Worst Case Scenario, according to Mark Dotzour
    “The worst case scenario would mean the securitized lending market not reopening, a continuing propping up of bad banks and businesses and continued hesitation from investors and businesses. In that worst case scenario, unemployment could rise to more than 10 percent and the country would see commodity and price deflation.”

    The Austin Scenario    , according to Mark Dotzour
    In Austin, Dotzour predicted job growth will stay roughly where it is – at negative 1.5 percent – for the next year, adding that Austin will still outperform the U.S. when it comes to job growth.

    References
    http://www.bizjournals.com/austin/stories/2009/08/17/daily26.html?ana=from_rss
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    Real Estate Update 8/2009: Natl v ATX Sales Volume

    August 12, 2009 By Leave a Comment

    National vs Austin Home Sales Volume

    Here is the latest and greatest (and most accurate data out there) for you to visualize the trends you hear and read about.

    About the real estate data & statistics on my site:

    I’ve received emails about how my graphs look differently that Zillow’s/Trulia’s, and believe me, those websites’ notoriously inaccurate and incomplete information can be the bane of my existence. My promise to you is that this data is the absolutely most complete and accurate data out there! While other websites use error-ridden tax data & user-submitted listing data, my data combines sales from the national, state, and local MLS systems as well as builder associations and is compiled by the esteemed Real Estate Center at Texas A&M University. Addiitonally, you may see data from Austin Board of Realtors®, Texas Association of Realtors®, National Association of Realtors® (and related MLS systems), Austin Chamber of Commerce, the US Census Bureau, and the US Bureau of Labor and Statistics.

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