Texas Real Estate Returning to Pre-Recession Levels

New data shows local real estate is bouncing back

By Greg Janda
|  Tuesday, Nov 1, 2011  |  Updated 3:03 PM CDT
View Comments (
)
|
Email
|
Print
Texas Real Estate Bouncing Back

Images_of_Money/flikr

New data shows local real estate is bouncing back.

advertisement

New data in the most recent Texas Quarterly Housing Report shows homes locally and across the state held their value as sales jumped up.

Single-family home sales popped up 18 percent over 2010 numbers and has stayed statistically unchanged in the median housing price.

What's that all mean?

"The market is starting to look like it did before the real estate boom and bust. Sales this quarter are comparable to levels in 2002 and 2003, indicating the market is returning to a more normal sales pace," Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University commented in a press release.

Another piece of good news is the inventory of homes on the market -- a drop from eight months in the third quarter of 2010 to 7.4 months in that same time period of 2011.

Inventory is measured in months to estimate how many months it would take to sell the homes based on a calculated annualized sales rate.

To view the report in its entirety, click here: TexasRealEstate.com

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out