It has not been a fruitful few years in regard to any housing market. The current recession that continues to plague the nation was first indicated through an enormous surge in foreclosures. Not long after the housing bubble burst, unemployment took its turn at rising to levels not seen in years. While Austin has been a city that has maintained overall decent economic health, it has not been completely untouched. The market here has slowed significantly, with March home sales down by around 22% when compared to the same month last year.

Buyers are still skeptical about buying in a down market. This is evident from the low home sales so far through 2009. One major hurdle that interested buyers are facing is the credit crunch that has limited many options for loans. These days, it is harder than ever to secure financing for a large investment. While this may mean that those who are purchasing may have less trouble with continuing payments, it has taken a lot of people out of the running for new homes. People who may have been approved just a few years ago are no longer eligible.

Home values in Austin have not dropped as dramatically as in other cities, though they are down by about 4% from last year. The strong local economy, availability of employment, and pleasant atmosphere all help to boast the housing market. These traits continue to bring newcomers to the area, which will continue to help the housing market. The market here is not expected to start looking up until late this year, or possibly into 2010. Until then, Austin will likely remain as steady as possible in such a difficult time.