Real estate is really getting a boost in “Big D!” According to a recent article published on DallasNews.com, the year-over-year growth of pre-owned single-family home purchases is the second largest the area has seen since 1998. Furthermore, prices are increasing in North Texas, hitting a record high of $176,000 for the month of April.
Also worth noting, the median single-family home price in North Texas represents a 10 percent increase since the market peaked before the recession. Does this mean another housing boom could be around the corner for the Dallas metro area? Perhaps. As job growth continues and consumer confidence rises throughout Texas, it’s no surprise that one of the state’s largest markets is experiencing an impressive turnaround. But some experts still caution against too much “housing boom” talk – at least until inventory levels increase.
Throughout the nation, the shortage of available homes for sale has prevented substantial market growth; however, Dallas and other parts of Texas seem to be faring pretty well so far. The real question will likely be whether or not the market improves to the point where more owners are willing to put their homes on the market and whether or not new home developers are ready to re-enter the fray. Time will tell, but things are certainly looking promising!
Foreclosure Filings Fall 46% in Dallas
Another clue that the Dallas market is doing well can be found in the foreclosure statistics. According to RealtyTrac, in May, the number of properties that received a foreclosure filing in Dallas County was 46 percent lower than it was a year ago. In Dallas specifically, Zillow.com reports that there are currently 4.58 foreclosures per 10,000 properties, which represents a 3.6 percent decline, year-over-year.
For more information on the Dallas real estate market, be sure to contact a licensed real estate professional serving the area. And once you’ve found your Dallas dream home, don’t forget to talk to The Decker Group for your home financing needs. Give us a call at (972) 591-3097 to learn about our mortgage products and hear today’s low interest rates.
Mortgage Market Update - August 26, 2013-
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