Home Sales Drop … Employment Tops Nation

Posted by    |    March 30th, 2011 at 5:15 am

TEXAS EXISTING HOME SALES DROP IN FEBRUARY

Just over 12,000 existing single-family homes were sold in Texas last month, a 10 percent drop from February 2010. That’s according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

The median home price in Texas was up 3 percent from February 2010, at $145,800. There was a 7.2-month inventory.

February 2011 MLS data for many Texas cities (current as of today) are available on the Center’s website. Here is a sampling:

Sales Change from
Last Year
Median
Price
Change from
Last Year
Months’
Inventory
Abilene 91 down 2% $110,000 up 12% 6.2
Austin 1,214 down 3% $190,000 up 4% 5.9
Bay Area 334 up 6% $153,200 up 4% 9.8
Beaumont 108 no change $116,700 down 16% 10.7
Brazoria
County
54 down 17% $115,000 down 6% 9.7
Collin
County
604 down 9% $205,200 up 4% 5.1
Dallas 2,390 down 14% $158,700 up 6% 6.6
Fort Worth 464 down 19% $107,200 down 3% 6.9
Houston 3,603 down 2% $151,900 up 4% 7.5
Longview-
Marshall
113 down 3% $124,300 up 4% 9.4
Montgomery
County
372 up 2% $179,100 up 5% 7.3
Port Arthur 36 down 20% $126,700 up 35% 11.6
San Antonio 1,100 down 12% $146,400 up 3% 7.9
Texarkana 51 down 18% $110,000 down 16% 9.2
Waco 107 down 11% $118,600 up 4% 9.3
Texas 12,008 down 10% $145,800 up 3% 7.2

TEXAS OUTPERFORMS NATION IN JOB GROWTH

The Texas economy gained 230,000 jobs from February 2010 to February 2011, an annual growth rate of 2.3 percent. Over the same period, U.S. non-farm employment rose 1 percent.

The state’s private sector posted an annual employment growth rate of 2.5 percent compared with 1.5 percent for the U.S. private sector from February 2010 to February 2011.

The state’s seasonally adjusted unemployment rate was 8.2 percent in February 2011, unchanged from February 2010, while the nation’s rate decreased from 9.7 to 8.9 percent over the same period.

All Texas industries except financial activities and information industries had more jobs in February 2011 than in February 2010.

All Texas metro areas had more jobs in February 2011 than in February 2010. Petroplexes Odessa and Midland ranked first and second, respectively, in job creation followed by Longview and Dallas-Plano-Irving.

The state’s actual unemployment rate in February 2011 was 8.2 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, College Station-Bryan and San Angelo.

For more information, read the Real Estate Center’s latest monthly economic review.

BILL CHERRY, REALTORS

DALLAS – PARK CITIES    Since 1964

214 503-8563