Cindy Miller, Director of Communications
AUGUST 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR AUGUST 2011 ARE NOW AVAILABLE
Despite some choppy waters in August, there have been noteworthy shifts on both sides of the closing table. Buyer activity is moving back in line with historical trends while sellers are making fewer concessions in order to sell their homes. Falling supply and improving absorption rates in many regions also suggest that market balance is realigning towards neutral. Locally, a few indicators posted positive movement over August 2010, but do the rest of the numbers provide reason for optimism?
New Listings in the North Texas region decreased 14.7 percent to 9,932. Pending Sales were up 15.7 percent to 6,309. Inventory levels shrank 21.0 percent to 39,848 units, a positive supply-side improvement.
Prices dipped lower. The Median Sales Price decreased 4.0 percent to $153,400. Days on Market decreased 5.3 percent to 105 days. Absorption rates improved as Months Supply of Inventory was down 14.4 percent to 7.0 months.
The economy bobbed along just this side of positive in August. Consumer confidence, which often affects housing demand, showed some slack even as personal income and spending both increased modestly. Low interest rates, declining supply and stabilizing prices are beacons of hope in the harbor, but the recovery still needs wind in its sails.