Texas Real Estate Market Gets a Kick of the Spurs
sales here are blooming right along with the spring bluebonnets. Average homes sales increased over the last six months in five major Texas metropolitan markets -- Austin, San Antonio, Houston, Dallas, Fort Worth --- according to the Federal Reserve. Is the sign of life in the Lone Star state a harbinger for a national trend?
The rise in Texas home sales comes for the first time since the expiration of the home buyer tax credit. Three cheers, that's not the only good news: looking at January numbers, Texas home inventory is down, says the Federal Reserve. Back in December, it would have taken eight months to sell off all the inventory in the state. In January, that time frame fell to 7.7 percent. Experts say 6 months is a normal market and it looks like Texas real estate is inching closer and closer to normal.
As for foreclosures, it almost seems like they've taken a vacation in some Texas markets. Foreclosure filings in Dallas/Fort Worth were down 16 percent for April -- foreclosure filings have to be posted a month ahead, so April's numbers are now out. For the first few months of 2011, Dallas foreclosure filings are 4 percent lower than this time, last year. And that is significant because last year we were still euphoric on the first time home buyer's credit.