State of the Economic Recovery in Austin & Texas
Posted by Realty Austin on Tuesday, April 24th, 2012 at 3:23pm.
Austin and its home state of Texas continue to see real estate market improvements. Both markets enjoy higher-than-average employment rates, stable economies, continued population growth and increasing housing starts, which when combined meet the conditions necessary for a successful home buying and home selling market.
Austin is the 14th largest metro, one of the highest employment rates, an attractive city to young professionals, and burgeoning tech town. Homes in Austin are selling 20% faster than this time last year, averaging 77 days on the market. Inventory levels are 19% lower than last February and list prices have jumped up 12% in response, making it the 2nd best real estate market for investors right now.
The Texas economy added 237,100 nonagricultural jobs from March 2011 to March 2012, an annual growth rate of 2.3 percent compared with 1.5 percent for the United States. The state's nongovernment sector added 291,900 jobs, an annual growth rate of 3.4 percent compared with 2 percent for the nation's private sector.
Click here to read more about the Texas economic recovery last month.
Special thanks to Anthony Marino at Austin Area Photo for the original picture!
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