National forecast predicts good news for Lubbock housing market - KCBD NewsChannel 11 Lubbock

4/2/09

National forecast predicts good news for Lubbock housing market

LUBBOCK, TX (KCBD) - The Lubbock housing market is holding strong. Local Market Monitor, a group that predicts future real estate sales, released its latest home price forecast yesterday, and Lubbock made its top ten lists.

David George spent the last week unpacking boxes and moving in to his new home in Central Lubbock. He put his old house in Southwest Lubbock on the market at the end of last year, but didn't have much luck so he took it off the market around Christmas. When he tried to sell it again this year, it sold within a few months. "It probably showed more often this year than it did last year. I'd say the lookers have picked up," George said. 

Bobby McQueen, president of the Lubbock Association of Realtors says that doesn't surprise him, "We're seeing an increase in the number of sales, in number of units they've sold and volume each month- January, February, and March. The last quarter of last year was where the decreases took place." McQueen says since the 1st of this year, more and more of the signs that used to say "for sale" in Lubbock, now say "sold."

That's why Local Market Monitor's latest home price forecast ranked Lubbock among the top ten markets in the country for best expected performance in home price. The Lubbock market has steadily increased in the past few months, and the report expects it will continue to increase by at least 2% in the next year. The forecast predicts the housing market nationwide will drop 8%.

"Supply and demand creates the market. I think the builders in Lubbock, the lenders, have kept a good handle on the money they loan, and it's kept the market from being over built," said McQueen. Two other Texas towns, Abilene and Laredo, also made the list for the top ten markets with best expected performance in home price.

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