Cindy Miller, Director of Communications
JANUARY 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR JANUARY 2011 ARE NOW AVAILABLE
A house. It's the single largest investment most families make. It's where we rest our heads every night. Houses represent the brick and mortar that comprise the very communities in which we live. They provide us with a sense of place to extend our roots downward. We raise our families under the safety and warmth of their rooftops. Our houses become homes. Let's analyze these structures that are so much more than that, and let's take a look at how our home market began 2011.
New Listings in the north Texas region decreased 12.2 percent to 10,517. Pending Sales were down 7.3 percent to 4,786. Inventory levels shrank 2.1 percent to 41,051 units, but there are still plenty of great choices out there.
Prices gained some traction. The Median Sales Price increased 7.6 percent to $139,900. Days on Market increased 16.6 percent to 120 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 4.2 percent to 7.1 months. Affordability also improved.
Interest rates are expected to remain around 5.0 percent and prices are expected to rise gradually in many markets. Although the labor department reported that the seasonally-adjusted unemployment rate dropped to 9.0 percent in January, expect joblessness to remain an issue. There's a steep, jagged rock face behind us; ahead lies a gently inclined grassy plain.