Condo Market Oasis in TexasWhile the rest of the country is dealing with the brunt of the bad economy, Texans find refuge in their strong GDP, low unemployment and solid median incomes.
All the news about the bad economy, difficultreal estate markets, and the overall purchasing slowdown must not have reached two cities in Texas, as the National Association of Realtors reports that both Dallas and Houston have seen upturns in the condo market there. This is attributed to these areas' high GDP, good median incomes and low unemployment rates. Furthermore, the considerably low median prices for new homes makes Texas more buffeted from the strains felt in places like South Florida and California.
The Dallas-Fort Worth-Arlington area was ranked number one with an 11.1% increase in median condo prices in the third quarter of 08, compared a year prior. The unemployment rate for the same period was 5.7%, a full 1.5% less that the national average. Combine that with a median annual income of $64.8k and many condos still selling at or below $150,000 and Dallas shows itself as an economic haven.
The Houston area, which included Baytown and Sugarland, for this study, came in third overall. The area saw an 8.1% increase in median condo prices for the third quarter of 08. It trumped Dallas with an unemployment rate of only 5.5. However, it could not do the same in terms of median income, reporting, a lower but respectable, $61.1K. Condos here are also a bit less expensive to comparable units in Dallas with median estimates at or around $135,000.
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Brian Mitchell
RE/MAX CityView
602 Sawyer St 110
Houston, TX 77007
713-447-0963
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