Steve Brown Needs to Consult RECTAMU & NTREIS

Ok, the graphic is pretty harsh but Steve Brown just doesn't get it.

North Texas home sales plunged in December. The number of preowned homes sold fell by a quarter last month compared with December 2006, according to preliminary numbers released Monday. The median price of homes sold in the area also declined. "I would have expected sales to be off, but not by 25 percent," said David Brown, a housing analyst with Metrostudy Inc. "Wow! That's a big decline." Real estate agents sold 5,257 single-family homes last month, according to statistics from the North Texas Real Estate Information Systems and Texas A&M University. The drop in sales from last December is one of the largest recent declines on record. The number of pending sales was also down 21 percent. The median price of homes sold last month also fell 2 percent from a year ago to $143,190.

This article was written a few days ago and when reading it it's easy to think the sky is falling. I also cring to think that this is what is being told to the general public. But then that's what you get with Steve Brown. Stats without perspective and all doom and gloom. I'm wondering if he just can't decipher stats or if he's just too lazy to do so. With all that being said, I would like to direct him to some real statistics that have been compiled by the Real Estate Center at Texas A&M University using our MLS statistics from the North Texas Real Estate Information Systems. Two entities that cannot be disputed. While December's number have not been officially released these numbers show that as of November, average North Texas single family sales prices have appreciated by 5%. Condos and townhomes by 11%. Feel free to peruse through the statistics if you want. These are real and for public use via MetroTex Association of Realtor's website. How Steve Brown uses them in his scare tactic newpaper articles is ridiculous and and juvenile. Seriously, what is hoping to achieve by writing this crap?

Texas Surpasses National Home Appreciation Rate

Just came across this bit of information from the Real Estate Center at Texas A&M University. California, Florida and Las Vegas are VERY jealous.

COLLEGE STATION (Office of Federal Housing Enterprise Oversight, Real Estate Center) – According to recent figures from the Office of Federal Housing Enterprise Oversight, home prices in Texas increased 6.8 percent during first quarter 2007, well above the 4.3 percent national average.

“Despite the national slowdown, Texas is still strong,” said Dr. James Gaines, research economist with the Real Estate Center at Texas A&M University. “There’s no reason prices shouldn't continue to rise despite the increase in foreclosures and the slowdown in transactions, construction and new home starts.”

By comparison, home appreciation slowed to 1.2 percent in California and 3 percent in New York. Nevada price increases virtually disappeared at just .6 percent. Even rapidly growing Florida and Arizona reported value increases of 4.3 percent and 5.2 percent, respectively.

Within Texas, there is a wide variation in appreciation rates in the 25 metropolitan areas. Among the state’s large metro areas, Austin and San Antonio are seeing the strongest rate increases at more than 10 percent.

Meanwhile, the energy industry is fueling strong housing markets in some smaller metros. Home prices are up more than 21 percent in Midland and 16 percent in Odessa. Victoria prices are up 8.3 percent.

Some border communities are on fire as well, thanks to a surge in government hiring and business activity. Laredo is up 16.6 percent, while El Paso is up 11.2 percent.