HAR.com reports that sales in the Houston, Texas area were down 33.7% in November.  It will probably be another month before we have December’s numbers out.  Sales of single-family homes were down 31.7%.  Rental property demand is up, with single-family rental demand up 16% and townhouse/condo demand up 2.8%.

 The Texas economy is still fairing much better than the rest of the nation.  According to the Real Estate Center at Texas A&M Univeristy between November 2007 and November 2008 the nation saw more than 2 million people loose their jobs, but in the same period Texas gained 222,900 jobs and increased its labor force by 2.1%.  Despite the recent deline in oil prices, the state’s mining industry continues to come out on top in job creation. 

The economy and 2009: 

Despite all the negative news surrounding the real estate community, now continues to be one of the best times to buy a home in Texas.  The housing market in Texas should begin to thrive in 2009, mostly because of the affordable housing and steady job growth.  However, new home construction could continue to decline this year.