Many of you may have read The Dallas Morning News story recently, Dallas-Fort Worth Home Prices Least Likely to Drop
. In it, PMI Group was sourced saying the very same thing those of us that work this market have been telling the media for months: Real Estate is Local
. They note that because Texas appreciation paced at a more normal level in past years (instead of the radical double-digit appreciation in many other parts of the country), we are less vulnerable to the negative consequences of the normalization we are seeing nationwide right now. They also highlight the favorable economic climate here, something we have been pointing out for some time. Anytime there is positive job growth to the tune of 500 new people moving to the Metroplex a day combined with one of the most affordable cost of living environments in the country, it helps the local housing market.
Take a look at NAR's new website, http://www.housingmarketfacts.com/. Also, read the news stories simply so you can understand what the media is saying, but in doing so it is also very important for you to understand all of the market facts. See Blanch Evan's article in today's RealtyTimes for more perspective on NAR and the media.
Yes, housing on a national basis is going through an adjustment, but just remember - Real Estate is Local, and locally, 2007 was our market's SECOND BEST YEAR ever. The North Texas MLS finished the year around $17.4 billion in sales, slightly south of our best year in 2006 when NTREIS reported $18.2 billion in sales in our area.
Real estate is a solid, healthy investment!