Texas continues to show strong jobs growth

Home values in Houston could continue to grow if the city continues to add jobs.Helping to boost the Houston real estate market and others across the state, Texas has continued to experience some of the strongest job growth nationwide.According to a report from the Real Estate Center at Texas A&M University, the state gained 230,000 jobs from February 2010 to February 2011. That represents a 2.3 percent annual growth rate, which was more than double the 1 percent employment gain seen nationwide.Every major city in the state gained jobs over that 12-month period, with Odessa and Midland seeing the strongest job growth. The improvements were also widespread, as each segment of the market except financial activities and information industries added jobs, although the overall unemployment rate has remained at 8.2 percent.However, the report added that in spite of the stability created by the job growth, home sales have yet to pick up. The center says just over 12,000 homes were sold in February statewide, even though the median price had increased by 3 percent to $145,800.There's currently a 7.2-month supply of homes statewide, creating relatively balanced conditions. According to the National Association of Realtors, there was a somewhat bloated 8.6-month supply of existing homes nationwide.Courtesy of 2M Realty News?

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