The Central Texas and Austin area real estate market remains slow. Currently, experts expect home sales to see a fourth annual decline. However, they estimate sales will begin to rise soon in 2011.
In October, home sales dropped by 31 percent from sales in October 2009. This marked the fifth consecutive month that home sales in 2010 were below those in 2009. Currently, it takes an average of 92 days to sell a home in the Central Texas area. In October, 9,703 homes were up for sale and 1,221 were sold.
Real estate experts are hopeful as the Austin job market has seen rapid growth. This year, Austin has had a 2.3 percent growth rate in the job market. This rate is the highest among other major U.S. cities.
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