Cindy Miller, Director of Communications
APRIL 2012 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR APRIL 2012 ARE NOW AVAILABLE
New Listings in the North Texas region decreased 6.3 percent to 11,469. Pending Sales were up 2.5 percent to 6,908. Inventory levels shrank 28.1 percent to 32,508 units.
Prices enjoyed a boost. The Median Sales Price increased 8.3 percent to $156,000. Days on Market was down 19.0 percent to 89 days. The supply-demand balance stabilized as Months Supply of Inventory was down 37.2 percent to 5.3 months.
When monitoring residential real estate activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic expansion and not contraction. Expedited bank processing and easing lending standards are also encouraging developments.