With area home prices rising, and foreclosure rates falling, “Big D” is experiencing one heck of a market boost. Of course, since Dallas and surrounding metros weren’t hit as hard during the housing crisis and economic meltdown, they didn’t exactly have as far to climb in order to recover. Nevertheless, rapid job growth and economic stability have contributed to the area’s real estate improvements.
Area Job Growth
According to a recent report from DallasNews.com, the Dallas-Fort Worth area has been “one of the nation’s hottest metro job markets.” The Dallas area added 9,200 jobs in July, bringing its unemployment rate down to 6.4 percent. The Fort Worth area added 2,700 jobs and its unemployment rate fell to 6.3 percent. As for the state of Texas itself, DallasNews.com reports that five of the state’s 11 major industry groups experienced job gains in July. Five others lost jobs and one (construction) saw no change.
Real Estate Prices
The economic improvements in Dallas are clearly coming through in the real estate world. Zillow’s stats for July showed that both the median list price and the median sale price increased year-over-year.
- Median List Price: $$249,900 (+14.9%)
- Median Sale Price: $254,800 (+17.9%)
Rent prices went up slightly as well, with Zillow reporting the median rent list price at $1,120 (+1.8% year-over-year).
Probably the most impressive change – the number of total homes sold in Dallas skyrocketed in July to 2,345 – 98.9% more than in July 2012. July’s quarter-over-quarter and month-over-month figures are impressive, too. According to Zillow, Dallas’ total home sales increased 87.9% and 83.2%, respectively.
As for the foreclosure market, it looks like activity increased a bit on a month-over-month basis, but the stats are still well below last year’s figures. According to data from RealtyTrac, July’s foreclosure auctions in Dallas increased 38.3% from the month prior, but were 32.4% lower than last year. For bank-owned properties, filings increased 3.8% month-over-month, but fell a whopping 74.6% from the prior year.
For more information on the Dallas area real estate market, check out these resources:
- RealtyTrac – Check foreclosure stats and real estate trends.
- Realtor.com – Browse listings and find area realtors in the Dallas-Fort Worth area.
- Zillow.com – Get an overview of the Dallas real estate market, get connected with real estate pros and browse the local listings.
As always, please feel free to contact Kelly Decker and his team of mortgage professionals if you need assistance with your Dallas, TX home financing. We offer competitive rates on a variety of home loan options, including 30 year fixed rate loans, FHA loans and jumbo mortgages. Call (972) 591-3097 to get a free Dallas mortgage rate quote.