The Real Estate Center at Texas A&M, is reporting that existing single-family home sales in Texas dropped 2% from a year ago, based on MLS statistics. In the month of June, there were 21,570 single-family homes that were sold.
When you analyse last years numbers with this years, it’s important to remember that last year prices catapulted due to the first time home buyer tax credit. In my opinion, this summer’s statistics are much more realistic. There is nothing to cause a false increase in the value of homes, like we saw last summer. Our economy is still weak, but now we are starting to stabilize and have moved away from using credits/bailouts/stimulus’s to create a false sense of security in our real estate market.