Real Estate in Dallas Weathers the Market

Dallas continues to fend off the real estate market downturn.  Yes, it is still a wonderful time to buy if you are interested in Dallas real estate and if you are looking to sell your home, you will not be taking a significant hit on pricing your home to sell.  Believe it or not, the number of home for sale is down, but prices are up.  This says a lot for a real estate market in today’s economy.  Dallas is truly a sought after city in which people want to live and raise their families.

The Real Estate Center at Texas A&M University recently had this to say:

• The risk of lower home prices was evident in many other areas of the country in the U.S. Market Risk Index. The mortgage insurance company found that half of the country’s biggest housing markets face a high probability of having lower home prices in two years.
• For Dallas, David Berson, PMI’s chief economist, said “the basic story hasn’t changed, although risk has risen a bit given the economic downturn. Still, I’d feel a lot more comfortable with a house in Dallas than one in the Oakland area.”
• In 2008, North Texas had a 3 percent decline in overall median home sales prices compared with 2007, according to statistics from area real estate agents. For more than a year, PMI Group has rated the Dallas area as having a low or minimal risk of home price declines.
• Other Texas home markets, including Fort Worth, Houston and San Antonio, are also at the bottom of the price decline risk index. The markets with the greatest likelihood of home price declines are Riverside, Calif., Miami and Ft. Lauderdale, Fla. 
• Despite some small dips in the last year, homeowners shouldn’t expect large and long-lasting declines in home values in North Texas. According to the PMI Group, the Dallas area is the least likely of any of major U.S. metropolitan market to have home prices lower two years from now than they are today.

People will always need to buy houses.  No matter how you look at it, Dallas real estate is a solid market.  There are first time home buyers, home buyers that have outgrown their existing home due to the addition of children and empty nesters with no children at home any longer.  In all three cases, they need another home.   The housing market is not going anywhere and real estate investing has never been quite the same.  When you combine the lower than normal housing prices with the current low interest rates, real estate begins to make a lot of money sense. 

If you have thought about buying or selling Dallas real estate, you should do it now while Dallas is still a thriving real estate market.  Here are more statistics on just how well Dallas fares compared to other markets.

• Home sales increased over 6% to a seasonally adjusted annual rate of 4.62 million from a pace of 4.35 million, and are 3.8% above the 4.45 million-unit level a year ago. The median existing single-family home price is $195,700. 
• Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units, but are 15.7% below the 664,000-unit pace. The median existing condo price is $205,000.
• Regionally, existing-home sales in the West jumped 16.8% to an annual rate of 1.25 million and are 34.4% higher. The median price in the West is $253,600.
• In the Midwest, existing-home sales increased 4.4% to an annual pace of 1.19 million, but are 2.5% below a year ago. The median price in the Midwest is $152,500, which is 7.9% lower than last year.
• Existing-home sales in the South rose 2.2%, but remain 7.8% below last year. The median price in the South is $168,200.

View all Dallas real estate and Dallas foreclosures at www.dallasrealestate24-7.com.

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