Dallas Real Estate Prices Up, Sales Down
By Maria Scinto and DeeinAustin™
We have more good news to report for Dallas real estate update. The market continues to dodge the housing doom bullet.
Although home sales are down by 7%
in the Dallas/Fort Worth area as compared to last year, nationwide
that figure is closer to 20%. This isn't a shabby performance considering the mortgage industry crackdown on
sub-prime lending.
GOOD NEWS FOR THE DALLAS REAL ESTATE MARKET
Although the National Association of REALTORS® predicts continued hard times for the housing industry nationwide, the Dallas/Fort Worth area and Texas in general are seen as being somewhat immune to the worst of the fallout.
- Dallas area home prices continue to appreciate, bucking the national trend of depreciation. Depreciation has been 2% nationwide, up to 20% in California.
- Texas
has a strong job markets with Dallas as a solid international city that attracts tourists.
- Lawrence Yun, chief economist with the NAR, referred specifically to the Texas market while addressing a national REALTOR convention in Las Vegas this month. Yun said that Texas buyers are still going to go out and buy homes because Texas home prices are so affordable.
Despite the drop in sales, Dallas real estate is looking decent. See Dallas market statistics at the DFW Association of REALTORS website.
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Photo inset is of Neo (Keanu Reeves) from the Matrix movie.
Well, it is good to know that at least the market is stable. The effect of the price being up will ultimately drop the sales. However, I believe that this is the time when the foreigner investors will invest in our market. This ultimately will also lead to an increase in sales. I am an agent listed with resortscape, and recently I have sold a property to a foreigner.
Posted by: Rebecca | Friday, December 07, 2007 at 06:33 AM
Agreed. Dallas is a very international city even though some parts don't appear so. International buyers who are used to living in metropolitan areas enjoy big cities like Dallas and Houston.
Posted by: Dee Copeland | Friday, December 07, 2007 at 07:29 AM
Yes, the Dallas real estate market have shown a growth trend over the past few month, in spite of economy downturn. Dallas Home Lenders see this as a positive thing in terms of business.
Posted by: Manny | Tuesday, July 29, 2008 at 10:53 PM