Cindy Miller, Director of Communications
APRIL 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR APRIL 2011 ARE NOW AVAILABLE
The final month of year-over-year comparison to last year's tax incentive market is upon us. It bears repeating that April 2010 enjoyed uniquely strong activity due to the approaching credit deadline. Let's see how this pivotal month played out locally.
New Listings in the north Texas region decreased 11.7 percent to 13,282. Pending Sales were down 13.8 percent to 7,023. Inventory levels shrank 8.0 percent to 42,342 units, but there are still plenty of great choices out there.
Prices couldn't match year-ago levels. The Median Sales Price declined 3.0 percent to $140,000. Days on Market increased 21.6 percent to 120 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 4.0 percent to 7.5 months. Affordability also improved.
Nationally, the interest rate is 5.0 percent on a 30-year fixed conventional and the unemployment rate edged up to 9.0 percent in April, even as the economy added 244,000 jobs. Job seekers showed more confidence, a potential indicator of future housing demand. Moving forward, expect a different story to unfold in our market. We'll soon be comparing current activity to a post-credit slump that occurred during the summer and fall of 2010.