With so many misperceptions created by the national news about the national real estate market, Texas consumers need to know what’s really going on in the TEXAS real estate market.
Why Texas is different
Strong, diverse economy: Texas is strong in industries that are still growing (such as education & health services, government and hospitality), according to the Texas Workforce Commission. In addition, the state’s four largest metros (Dallas-Fort Worth, Houston, Austin, and San Antonio) were recently ranked in the top 10 cities projected to recover from the economic recession nationwide (America’s Fastest Recovering Cities , by Francesca Levy, Forbes Magazine, Nov. 19, 2009).
- By August 2009, Texas’ unemployment rate had been less than the national rate for 33 consecutive months (since November 2006).
- According to economists, Texas employment is expected to rebound in the fourth quarter of 2009, while other states are slated for recovery well into 2010.
- According to a study by the Brookings Institution, San Antonio, Austin, Dallas-Fort Worth, Houston, and El Paso were among the strongest economies in the nation during the second quarter of 2009.
Sources: Texas Workforce Commission, U.S. Bureau of Labor Statistics, and Real Estate Center at Texas A&M University. Moody’s Economy.com, Dallas Morning News
Enduring home values: From 1999 to 2009, the median home price in Texas increased 45% while home sales increased 16% (Real Estate Center at Texas A&M University).
Top state to relocate: According to the Allied Van Lines 42nd Annual Magnet States Report, Texas is the No. 1 destination state for residential relocations in 2009 for the fifth year in a row.
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