Downtown Austin, TX in August 2010
The current employment gains, low interest rates, and low housing inventory seem to be a large contributing factor to the increased home sale prices during 2010.
Austin, TX (PRWEB) January 28, 2011
REALTOR® Brian Talley of Regent Property Group LLC has recently released revealing statistics of price changes in Austin's housing market comparing home sale prices and volume in the recent year 2010 to the pre recession year 2007. The statistics provided in his report are a stark reminder that even some of the best performing cities in the US were not immune to the woes of the global recession and depressed US housing market. None-the-less, the numbers in the report show encouraging signs of strength in the Austin housing market achieved through recent price increases that are on par with the pre recession housing market during the year 2007.
Brian's report reveals that Austin home sold prices within the city limits averaged just below $314,652 during the year 2010 compared to $315,394 during the year 2007. Average sold prices per square foot are shown to have only decreased by 3.39%. The biggest drop was in the number of homes sold with a 26% drop from 10,800 homes sold during 2007 down to 7,988 during 2010 within the city limits of Austin.
The report goes on to say that Austin's average unemployment rate of 7.2% during 2010 compared to 3.62% during 2007 was a contributing factor to the decrease in the number of homes sold recently. Brian Talley goes on to explain that, "The current employment gains, low interest rates, and low housing inventory seem to be a large contributing factor to the increased home sale prices during 2010." To clarify the point, Mr. Talley points out that Austin gained approximately 15,200 jobs with 2% employment growth during 2010. He goes on to explain that interest rates remained below 5% for most of 2010, which made homes more affordable for those securing a loan. Low interest rates meant increased buying power that resulted in people purchasing more expensive homes than the prior few years.
The author of the subject housing report is a top Austin REALTOR® that helps people buy and sell homes all over the greater Austin area including Lake Austin homes and Austin luxury homes. Brian explains, "Both my buyers and seller want to know how home prices have been affected since before the recession, so I'm obliged to give them objective pricing information to help them make wise purchase and sale decisions."
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