Clear Capital and Forbes took a look at the top 50 metropolitan areas and offered some predictions on home price growth/decline in 2011. Dallas and Houston both appeared in the top 10!
While their numbers look a bit gloomy overall with 35 of the top 50 metro areas expected to see average home price decline, it does offer some nice rays of hope in the other 15 markets.
Here is a listing of the estimated home price appreciation for the top 10 markets:
- Washington DC - +6.5%
- Houston - +3.6%
- Honolulu - +3.5%
- Memphis, +3.2%
- Columbus - +2.1%
- Dallas - +1.4%
- New York - +1.3%
- Birmingham - .9%
- Pittsburgh - .8%
- New Orleans - .5%
Both Dallas and Houston experienced significant job growth in 2010 and are expected to continue to create jobs in 2011. I'll be putting a post together on job creation in both of those cities just as soon as all the data is released. Generally, housing market stability/growth goes hand in hand with a growing real estate market.
It is interesting to look at all these numbers and see how different groups interpret and extrapolate the data. I read last week that another group was expecting Dallas home prices to decline around 3% in 2011, but this group believes that they will increase. Clearly we won't know who is correct until this time next year, but I'm too much of a firm believer in the job creation power of both Dallas and Houston to believe that the housing markets will not exceed expectations.
The relative health and vitality of the Texas job market combined with the generally good performance of the Texas housing market shows why so many individuals, families and corporations are relocating to Texas.
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