Cindy Miller, Director of Communications
MARCH 2012 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR MARCH 2012 ARE NOW AVAILABLE
New Listings in the North Texas region decreased 11.1 percent to 11,851. Pending Sales were down 1.8 percent to 6,808. Inventory levels shrank 27.6 percent to 31,962 units.
Home prices are slowly starting to turn a corner. The Median Sales Price increased 10.7 percent to $155,000. Days on Market was down 14.4 percent to 103 days. Absorption rates improved as Months Supply of Inventory was down 32.6 percent to 5.3 months.
For better or worse – usually better – housing is closely tied to the broader economy. As much as we're in the valley of a residential real estate rebalancing act, it's important to keep tabs on economic changes. Recent improvements suggest that there may be a stirring of optimism in the center of this market. But not all submarkets will move together. "You can observe a lot just by watching." – Yogi Berra