Cindy Miller, Director of Communications
MAY 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR MAY 2011 ARE NOW AVAILABLE
Homeownership is about painting a room fluorescent fuchsia without asking anyone's permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that's not a tectonic shift, let's see what other indicators reveal since that first fateful month after the 2010 tax credit.
New Listings in the north Texas region decreased 4.4 percent to 11,296. Pending Sales were up 26.1 percent to 6,876. Inventory levels shrank 11.5 percent to 42,755 units, but there are still plenty of great choices out there.
Prices were more or less stable. The Median Sales Price increased 0.3 percent to $150,000. Days on Market increased 15.8 percent to 106 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 4.9 percent to 7.8 months. Affordability also improved.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Several metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.