Excellent Austin Economic News

Excellent Austin Economic News

The Austin Chamber of Commerce has just published its latest economic indicators report for the local real estate market, and the news is good:

Austin's existing home sales in October totaled 1,616, 21.0% above the number of homes sold in October 2010, but 9.5% below the total for last month, according to the latest numbers from the Austin Board of Realtors and the Real Estate Center at Texas A&M. As sales in Austin typically peak in the summer and diminish through January, negative change from September to October is typical. On a year-to-date basis sales in Austin are up 6.0% over last year and the Real Estate Center is projecting sales for 2011 will total 21,598, 8.7% ahead of 2010. After 4 successive years of shrinking sales, 2011 will be the first year of positive growth in home sales since 2006 and the number of sales in the Austin metro is close to meeting the level attained in 2004.

[...]The 2011 dollar volume of sales is expected to be up 11.4% from 2010 for the Austin metro and up 4.3% statewide.[...]

{our emphasis}

If you're curious, you can read the entire report here.

To sum up: Austin real estate is doing very well, not only in comparison with other large Texas cities, but also the nation. 2011 is the first year since 2006 that Austin will have its first positive growth in home sales.  And not only has there been positive growth in home sales, there's been growth in home values as well---meaning prices are rising.  Whether you're buying or selling, the market seems to be recovering so now is the time to act. Interest rates are at an all time low.