This Week in Real Estate...

According to research completed by CB Richard Ellis (CBRE), Austin is among the top 50 office markets in the world with the fastest growing rents. Austin came in 40th with a 15.9% increase. The other Texas market appearing in the top 50 was Houston (ranked 34th).
Click Here for the full report.

The Housing Market....

The NAR (National Association of Realtors) found that the total housing inventory in the U.S. rose 1.9% at the end of October to 4.45 million existing homes (including single-family, townhomes, condos,and co-ops). At the current sales pace, the U.S. has a 10.8 month supply of homes.

In Austin, ABOR (Austin Board of Realtors) announced that October sales fell to 1,772 homes in , down 15% compared with the record 2006 year in we saw 2,094 homes sold in the same month. There are currently 9,431 homes on the market - still we have seen the medium price of homes rise from $175K in 2006 to $180K in October 2007. This number is still below the National home medium of $207.8K.

Interesting information to arm yourself with when considering the sale of your home.....but the area did have Job Growth....

According to the latest figures from the Texas Workforce Commission, the Austin/Round Rock are added 2,600 new jobs in October. Unemployment is 3.3%, below the statewide rate of 3.9% and national rate of 4.4%.

Speaking of job growth, Backwoods Inc. and outdoor clothing and equipment retailor is moving its corporate headquarters from Witchita to its new home on Congress Ave. The company currently employes 66 folks nationwide. The company will leas a 7,000 sqft office at 412 Congress Ave and has also purchased 10,000 square feet in the Hill Country Galleria for a retail location- its 8th nationwide. According to its CEO, Jennifer Mull, Austin became the company's choice for its new headquarters because of a number of factors, including lifestyle, cost of living and accessibility. For more information on the company visit http://www.backwoods.com/locations-austin.html

Austin Music Entertainment Television (METV)

recieved $1.6 million to expand into other major Texas markets, among the investors was Garry keller of Keller Williams. The company plans to use the new capital to add satellite technology. According to the Austin Business Journal, it will begin satellite distribution in January. The company is focusing its efforts on expanding into Texas' major markets, including Dallas, Fort Worth, Houston and San Antonio.

Check out METV on channel 15 (Time Warner) or channel 577 (digital cable).