Austin Home Sales Drop Again
The Austin area had a 2% decline of home sales in July. We are also down 2% for the year compared to 2006, which was a record setting year. Is this a cause for concern? I don't think so. The tightening of requirements for buyers to get a loan probably has a lot to do with this. The fact that Austin's real estate market was on fire last year is probably also a factor. Take a look again at a very low unemployment rate and a continued excellent job growth rate. Take a look also at prices that continue to climb.