Austin Home Sales Up Unemployment Down

The numbers are out for 2006 and they read very well. There was a 10 percent increase in full-year sales volume over 2005. According to the MLS, a total of 26,958 homes were sold last year. Meanwhile the median home price rose six percent to $174,500. That same median price rose to $177,500 in the month of December 2006. Also, single-family property sales contributed $6.3 billion to the local economy in 2006, this was a 20 percent increase over 2005. In addition, there was a drop in the average time it took a home to sell in 2006. Homes sat on the market on average 63 days during the year. This represents the lowest time span over the past four years. The data also points out that sales were particularly strong in areas that border Hays & Williamson counties. Experts claim that these strong numbers once again show that Austin's competitive costs as well as high quality of living are the keys to our sustained growth pattern. Look for 2007 to keep pace with 2006 while the national market continues to slow.

As far as unemployment, Texas' unemployment rate is down almost 1 percent from 2005. The current unemployment rate is the lowest in 5 years and matches the U.S. seasonally adjusted unemployment rate of 4.5 percent. Texas added 15,600 new jobs in December of 2006. That accounts for 213,200 new jobs for all of 2006 with a growth rate of 2.2 percent.

Texas employers have added new jobs for 27 consecutive months, according to the state.

This information is evidence of why the housing market for Texas has remained steady compared to the recent declines nationally. If employers continue to display confidence by adding jobs, then look for the 2007 housing market to remain strong and continue a steady growth pattern.