While the effects of the national recession on real estate have been felt nationwide, the Austin real estate market seems to be weathering the storm well, by comparison to most major US cities. Statistics recently released by the Austin Board of REALTORS® show that the Austin market has been relatively resilient, outperforming a majority of the country.
Even though the volume of Austin home sales for 2009 year-to-date have been down in comparison to March of 2008, prices have held fairly steady during that same time frame with only minimal decreases over the last two quarters. Interest rates have hovered near record lows for the last several months with rates dipping further at the beginning of the 2nd quarter 2009. Buyers also benefit from a tax credit of $8000. This credit is offered to first-time home buyers purchasing a principle residence between January 1, 2009 and December 1, 2009.