Cindy Miller, Director of Communications
FEBRUARY 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR FEBRUARY 2011 ARE NOW AVAILABLE
Market activity may appear to be low in year-over-year comparisons due to the 2010 tax credit. We knew this was coming. Several other themes warrant attention before we dig into the numbers. First, we've had several months in a row of private job growth. Second, interest rates, in concert with food and energy costs, are rising. Third, the anticipation of rising rates often motivates buyers. A recovery looms. Now, let's take a look at those numbers.
New Listings in the north Texas region decreased 20.2 percent to 9,244. Pending Sales were down 16.5 percent to 4,922. Inventory levels shrank 6.2 percent to 41,015 units, but there are still plenty of great choices out there.
Prices gained some traction. The Median Sales Price increased 2.2 percent to $142,975. Days on Market increased 19.5 percent to 120 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 1.9 percent to 7.1 months. Affordability also improved.
The national average interest rate was 5.23 percent on a 30-year fixed. The U.S. government would like to play second fiddle to the private sector in the mortgage market. Shifting the risk burden makes fiscal sense, but could threaten an already fragile recovery. The Center for Responsible Lending states that it would take 14 years for the typical American family to save enought money for a 20 percent down payment, based on national housing prices.