AUSTIN (Austin Board of Realtors) – Sales of existing single-family homes in the Capital City were up 16 percent last month from a year ago, reports the Austin Board of Realtors (ABoR).

According to MLS data released today by ABoR, 1,283 homes were sold in February 2012, while the median price was $195,000, 3 percent more than the same time last year.

“For nine months in a row, Austin has seen year-over-year increases in sales volume,” said ABoR Chair Leonard Guerrero. “In addition, we also saw a modest increase in the median home price in February 2012, which could indicate more competition among buyers for a shrinking inventory of homes.”

The local market had 4.2 months of inventory last month, 1.5 months less than February 2011. The market had 9 percent more new listings, 20 percent fewer active listings and 25 percent more pending sales than a year ago. On average, homes spent 86 days on the market, 12 days less than February 2011.

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AUSTIN (Austin Business Journal) – The Austin area is expected to experience more rapid employment growth over the next couple years, according to economist Angelos Angelou.

Angelou predicts the region will gain 19,000 jobs in 2012 and 20,000 jobs next year, with most of the gains in retail, education, health, hospitality and manufacturing sectors. Austin added about 13,000 jobs in 2011.

While Angelou expects area unemployment to fall below 5 percent within a year, he also clarified that low-wage jobs will make up the bulk of the added employment.

According to Angelou, Austin also has an opportunity to grow the automotive sector with the addition of the Circuit of the Americas, a Formula One racetrack under construction two miles from Austin-Bergstrom International Airport.

With the anticipated job and population growth in the area, Angelou advocates expanded transit options as a key to easing increased traffic congestion.

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The solar farm is a component of the City of Austin’s effort to derive 35 percent of its energy from renewable resources by 2020.

Travis County hired consultants to study a possible public-private partnership to build the planned civil and family courthouse.

More than 20 new laws passed during the state's 82nd legislative session went into effect Jan. 1, including Senate Bill 201, a law that offers property tax exemptions for surviving spouses of disabled military veterans.

On Jan. 3, Mayor Lee Leffingwell will co-host The Mayor's Resolution Run/Walk, an annual self-paced exercise event along the Lady Bird Lake trail.

Through a partnership with the Austin Police Department, Capital Metro is offering free rides on New Year's Eve to discourage people from driving home after drinking.

With the end-of-year fireworks season in full swing, the Travis County Fire Marshal's office is urging caution when using the products and recommends that residents instead attend public fireworks displays. It is legal to buy fireworks in unincorporated areas of Travis County through midnight Jan. 1.

Waste Management has announced it will open its Austin Community Landfill and Williamson County Landfill to residents for free Christmas tree recycling.

City officials initiated a bond development process this month that is expected to bring a funding request to voters for approval in November. As part of the process, city staff has identified several areas that require funding to improve from their current states, including roads, public services and soon-to-be-implemented projects.