Texas home prices stable as state economy adds jobs
Texas is the one state to experience both a 3% annual job growth rate for the year ending in June and relatively stable home prices the same month. The latest Monthly Review of the Texas Economy reports Texas had "robust" job growth for the year ending in June. The state's private sector added 251,900 jobs, with an annual growth rate of 3%, according to Dr. Ali Anari, a research economist with the Real Estate Center at Texas A&M University. When looking at jobs from a national perspective, the nation's private sector added jobs at a 1.7% annual growth rate, according to the same report. Meanwhile, on the national front, non-farm private payrolls increased by 114,000 jobs in July, lower than the revised 145,000 estimate from June, according to data released by Automatic Data Processing on Wednesday. Texas, while not immune to the real estate slowdown and volatility in the jobs market, seems to be maintaining some comparative consistency when it comes to home sales. The state's second-quarter home sales fell 12%, but remained in line with 2009 levels, suggesting home prices are maintaining their value when you subtract significant gains made in 2010 from the home-buyer tax credit, the Real Estate Center concluded this week. Although the Texas market is relatively stable compared to most, the Dallas-Irving-Plano (D-FW) area experienced a slight 0.6 percent decline in home prices last month, according to a CoreLogic's most recent home price report. But when excluding distressed home sales, prices actually rose 3.4% in the area over last year. Write to Kerri Panchuk.