As expected, sales in the North Texas MLS system were much better than August 2010 (up 27% in volume and up 3% in average price, for a total dollar volume increase of just over 30%). Granted, beating last August’s sales was a pretty easy task due to the 6/30/10 tax credit expiration and subsequent doldrums in the second half of 2010. But even if the year-over-year improvement has to be taken with a grain of salt, the actual sales volume itself CERTAINLY IS something to get excited about. As the chart shows, August’s sales broke out from the typical shape of the sales curve. And as of 8/31/11, pending sales remained significantly higher, up 17% versus pending sales on 8/31/10. So there is hope for continued improvement.
Clearly we still have our challenges in the North Texas housing industry. But there are rays of hope for a turnaround. We are very blessed to live and work in a relatively stable market, and there are elements of good news out there along with those challenges we are facing.