Cindy Miller, Director of Communications
JUNE 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR JUNE 2011 ARE NOW AVAILABLE
You may have noticed some "noise" lately about where the market is heading. Some accounts are optimistic while others, well, aren't. The good news is that local data provides a more reliable tone than national sound bites can offer. When it comes to hearing the market's true message, it may not necessarily be from the expected indicators, it may not be heard evenly across all segments and it may arrive in disjointed bursts. Let's listen.
Buyers in the North Texas region absorbed homes more quickly as Months Supply of Inventory was down 1.5 percent to 7.7 months. New Listings decreased 10.2 percent to 11,654. Pending Sales were up 13.3 percent to 6,698. Inventory levels shrank 14.4 percent to 42,592 units, but even choosy buyers can still find top-notch homes.
Prices lost some ground. The Median Sales Price declined 2.9 percent to $151,500. Days on Market increased 4.9 percent to 104 days. Affordability also improved.
On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA. The unemployment rate inched up to 9.2 percent though initial unemployment claims continued to fall. Wages and payroll jobs are also improving slowly. Debt ceiling negotiations and other background noises persist, while prolonged job growth is still the missing verse in the recovery song.