Lubbock still a seller's market

I've been posting and everyone has been talking about the Dallas area real estate market.  Specifically, the NE Dallas metroplex area seems to have a balanced (flat) market recently.  Well, it's not necessarily state-wide.  The Lubbock Avalanche-Journal reports that local home sales slowed but the median price increased in February, according to data from the Real Estate Center and the Lubbock Association of Realtors.

Home sales were down 5 percent from February 2018 with 280 homes sold. The median price increased 13 percent to $182,500.  The number of active listings grew 7 percent over the year at 1,024 listings.  Monthly housing inventory decreased from 2.9 months to 2.7 months in the same period. The TAMU Real Estate Center considers a six- to 6.5-month inventory a balanced market.

Homes in Lubbock spent an average of 87 days on the market. ​ For more on the Lubbock housing market, read the Center's latest housing report​​.​

Feeling Rich yet?

Well of course not.

But we are officially still in the black, employment-wise.  The soothsayers at the Federal Reserve Bank of Dallas adumbrate a modest growth in job-having.  The Texas Employment Forecast suggests jobs will grow 1.5 percent this year.  So, yeah.

Here's a cool chart they made for the occasion...
















https://www.dallasfed.org/research/forecast/2019/emp190308.aspx

UPDATE:

Texas unemployment holds, 17,700 jobs added in February

 

AUSTIN (Texas Workforce Commission) – February marked the 106th consecutive month of annual nonfarm employment growth as 17,700 seasonally adjusted positions were created, according to the Texas Workforce Commission. ​

Texas' seasonally adjusted unemployment rate held at 3.8 percent.  The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2.2 percent. McAllen-Edinburg-Mission had the highest at 6.6 percent.

The mining and logging industry saw the most seasonally adjusted growth in employment from February 2018 to February ​2019, growing 8.4 ​percent. The information industry was the only sector to see a drop in employment, falling 1.5 percent. 

WSJ says the Boom is Over (this is not new news to us)

Yup.

Local REALTORS have been saying it for months now; the market is even.  That means no more ever soaring prices.  Yes, Mr. Seller, that means you need to conservatively price your home to sell it.  To get an offer.  And the offer you get, you better not blow it off because it is too low.

And you non-Native Texans?  You can't low-ball Texans.  It is frowned upon.  Also, this isn't a low-ball market.  Not by a long shot.  Listen friends, it is a FLAT market, or perhaps you'd prefer "even?"  It's an even market: as much in the seller's favor as the buyer's
No overpricing.
No low-balling.

Even.
Fair.
Flat.

Even.


https://www.wsj.com/articles/the-u-s-housing-boom-is-coming-to-an-end-starting-in-dallas-1543248073?mod=e2fb