The Federal Reserve Bank of Dallas’ economic indicators for the Austin-Round Rock MSA showed the Business-Cycle Index dropping beneath its long-term average of 6% in February 2017, and ending up at 4.8%. Additionally, the unemployment rate increased to 3.8%, while jobs grew at an annualized pace of 2.6% over the three months through February. Year-over-year job growth was 3.6% in 2016, slightly below its long-term average from 2012-2015.
Austin’s median home price rose to $291,702, just short of its all-time high of $294,827. Also remaining near all-time highs are existing-home sales. Home inventories are at 2.4 months of supply, meaning Austin is one of the tightest residential real estate markets in Texas.
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