More good news for the Dallas real estate market – foreclosures are down and existing home sales are improving. According to data from the MetroTex Association of Realtors based out of Dallas, foreclosure filings have dropped nearly 40 percent while home sales rose 0.6 percent.
The pressing issue for real estate in “Big D” is no longer a lack of demand, but rather a lack of inventory as demand reaches new heights. MetroTex recently reported that due to the constraints of a tight market, home sales are moving fast, but total transactions are still fairly low. Be that as it may, the slight increase in existing home sales stands as evidence that Dallas real estate is continuing on its path to improvement. It’s impressive indeed that there has been an increase in home sales at all, considering that buyer traffic in the area is 31 percent higher than it was a year ago and inventory has been slow to show up on the market.
As for foreclosures, MetroTex reports that the number of filings fell almost 40 percent. Likewise, homes threatened for forced sale in May was 43 percent below levels from a year ago.
“If foreclosure activity continues to drop at current levels, 2013 could see the lowest number of home foreclosure filings in the four-county area in almost a decade,” MetroTex reports.
This is fantastic news for the housing market in Dallas, as fewer foreclosures and other distressed sales will help home values continue on their upward path.
According to information from Zillow, median sales prices in Dallas rose 34 percent since last year while the median asking price jumped 19.6 percent.
Here are a few more statistical highlights from Zillow regarding the Dallas market:
- Median Rent List Price – $1,100 (up 11.7 percent year-over-year)
- Homes Sold for Price Gain – 69.1 percent (up 0.3 percent year-over-year)
- Homes Sold for Price Loss – 30.4 percent (down 0.2 percent year-over-year)
As you can see, more home sellers in Dallas have been able to sell their homes for a gain and fewer have taken a loss. This is also wonderful news, as it points toward rising home values. Additionally, home seller and home buyer confidence seems to be on the rise, with more people willing to put their homes on the market; however, the demand is still far surpassing the current supply. Until the ratio balances out, it may be difficult to harness this powerful demand and channel it through the market. As interest rates begin to rise up slightly, more buyers are seeing that now may be the best time to buy before rate increase further. Hopefully more Dallas homeowners who have been on the fence about selling will feel confident about listing, but only more time will tell.
For more information on the Dallas real estate market, contact a professional real estate agent serving the area.
For a look at today’s current Dallas mortgage rates, give us a call at 972-591-3097. At the Decker Group, we offer a variety of fixed rate and adjustable rate residential mortgage solutions for home buyers and homeowners in the greater Dallas market.