The housing market news really doesn’t seem to get any better, does it?
Now the latest data, reported by the Collin County Business Press, show that sales of existing homes in North Texas dropped in May, by a worrisome 15 percent when compared with the same month a year ago.
The paper’s quoted expert didn’t seem too concerned about it, attributing the plunge to the fact that there were federal tax credits in place a year ago that are no longer with us. He also said that under the circumstances, he would have expected an even bigger drop.
While this development wasn’t unexpected if you’ve been paying attention, it is still a negative. If homes are selling at such an anemic rate, it hurts everybody, whether you concentrate on short sales, as we do, or traditional sales. You could make the argument that short sales might not be hurt as badly, since the fact that they are selling for less than the amount of the loan makes them more of a bargain. And in light of the fact that the May numbers for the 29-county North Texas region show that prices have risen (average price is now $205,341), there may be something to that argument.
Still, we would like nothing more than a reviving and reasonably healthy market, one that would benefit everyone concerned.