Is the Texas Real Estate Market Different?
By VIP Admin on Mar 23, 2009 in Market News
The truth is, Yes the Texas Real Estate Market is different. This is attributed to much of the following:
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Texas is the number 1 top state to relocate: According to Allied Van Lines’ 41st Annual Magnet States Report, Texas is the No. 1 destination state for residential relocations for the 4th year in a row. New data from the U.S. Census Bureau confirms that Texas gained more residents (484,000) between July 2007 and July 2008 than any other state.
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Texas continues to have steady job growth: According to the U.S. Bureau of Labor and Statistics, Texas added 153,700 jobs (1.5% increase in employment) from December 2007 to December 2008, while during the same time the national unemployment rate rose 2.3%.
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Texas benefits from a strong, diverse economy: Texas is strong in industries that are still growing (such as professional & business services, education & health services, government) and has the second largest economy in the nation by GDP according to the U.S. Bureau of Economic Analysis.
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Texas homes have appreciated steadily. Home-price appreciation in Texas has not fallen below zero in the last 16 years.
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Texas has steady home value appreciation. and Texas housing prices have remained relatively steady.
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Most Texas borrowers are approved for financing. According to a report by the National Association of REALTORS®, 91% of buyers in Texas were Not rejected by lenders last year.
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Texas real estate remains a strong long-term investment. The average home sales price in Texas has increased $15,600 from December 2004 to December 2008; over the same four years, median sales prices increased $8,600.
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Texas has a balanced market. Statewide, there was 6.4-month inventory of homes for sale at the end of 2008. Economists at the Real Estate Center at Texas A&M say that about 6 ½ months of inventory is a balanced market, where homes are being sold and prices continue to increase at a moderate pace.
This is good news for Texas homeowners, both current and future.  Keep informed of your homes value. As steady as she goes…
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