While the number of sales may be down (sorry) in some areas and some publications love to jump all over that and scare the heck out of our local buyers, Real Estate Center Chief Economist Dr. Mark Dotzour noted in a recent speech in Washington, D.C.
"...home prices are still increasing in most Texas metro areas, foreclosure rates are much lower than the national trends, and the inventory of unsold homes in Texas is currently at 5.7 months, well below the national average of 10.1 months. However...the most recent numbers from the Office of Federal Housing Enterprise Oversight show the rate of price increases in most Texas metros to be getting smaller."We should be boasting these stats and screaming our good fortune from the roof tops. But for some reason it's just never caught on. Our perspective is so skewed at this point I'm not sure what it will take to get this message across to our local market. Make some random phone calls to Irvine, CA sellers and tell them about your poor 5.7 months of inventory and your teeny price increases and they'll probably hang up on you thinking about their 24 months worth of inventory with price declines in the double digit percentages. Being ungrateful for our good fortune is SO Dallas.