2011 Housing Market...It's local

Posted by Emily Ray-Porter Group on Thursday, June 2nd, 2011 at 1:40pm.

Recently the Wall Street Journal ran an article about the national housing market.  The headline read, "Housing Imperils Recovery".  As we know the overall housing market over the last few years has been slow and values have gone down after the bubble burst.  Though we should be aware of the national housing market we must also remember that real estate is locally driven an in turn locally affected.  Nationwide home prices hit new lows in the first quarter this year.  Standard & Poor's Case Shiller Index published May 31, 2011, showed that the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011.  According to NTREIS MLS statistics, the average sale price in the Dallas/Fort Worth market increased 6%.  The North Texas housing market did not see highs quite like other areas of the country at the top of the market in the 2000s and, in turn, have not seen the lows that those same areas are experiencing now.  Let's just say that we, in North Texas, have been on the kiddie version of the housing market roller coaster. 

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