Nation Wide Market Update

Rosie Cox Sr. Mortgage Consultant 6136 Frisco Square Blvd. Ste 295 Frisco, TX 75034 Mobile: (972) 672-5888 Toll Free: (877) 314-1262 ext 33512 Toll Free Fax: (866) 908-0763

For the week of February 7, 2011 – Vol. 9, Issue 6 >> Market Update  INFO THAT HITS US WHERE WE LIVE... There's good news in the latest housing market forecast for 2011 from the National Association of Realtors (NAR). After dipping 4.8% last year, sales of existing homes are predicted to grow 7.9%  this year, to 5.3 million. The gain for 2012 is forecast to be a little less, up 4.5%, to 5.53 million. The existing home median price went up 0.3% in 2010, a nice recovery from the 12.9% price drop of 2009. For 2011, the NAR sees it rising 0.5%, to $173,000, then another 2.4%, to $177,900, in 2012. New home sales are forecast to come back more briskly, up 17.7% in 2011,following their 15.5% drop in 2010. The 2012 projection is for a strong 51.1% sales gain, to 565,000 homes. The median price for new homes, which gained 2.2% last year, should go up another 1.8% in 2011, to $224,700, then 1.9% in 2012, to $229,000. The NAR's chief economist says this rebound in home sales does depend on an improvement in the jobs market. Affordability also matters and in Q4 of 2010 housing was the most affordable on record, according to NAR numbers going back to 1971. The NAR feels the current situation of low home prices along with low interest rates should continue.

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Leeza Morris, REALTOR®
Certified Negotiation Expert
MBA, GREEN, e-PRO®, SFR
Broker Associate, Keller Williams Realty
Cutting edge paperless & mobile real estate solutions for you
 
cel/txt. 940 391-5080
fax: 940 382-2773
2434 Lillian Miller Parkway
Denton, TX 76205
www.LeezaMorris.com