Dallas-Fort Worth Home Market Update
May 8th, 2008 by Steve Doane | one response
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Here is a summary of the Dallas-Fort Worth Single Family Housing Market Trends as Reported by Steve Brown of the Dallas Morning News on May 8, 2008.
- In April, the number of pre-owned home sales in North Texas declined by 11% from April 2007.
- During the first four months of 2008, the number of homes sold was off by 15% according to the statistics released Wednesday from Texas A&M University Real Estate Center and the North Texas Real Estate Information System (The Local Multiple Listing System).
- Home sales prices in April were also down 3% from April 2007.
- Currently, there is a 6.5 month supply of homes on the market in North Texas. Six months is considered to be a balanced market.
- The average Days on the Market (DOM) rose by 14%, to an average of 80 days.
- At the end of April, there were 45,224 pre-owned single-family homes listed, an 8% drop from 2007.
- Pending home sales in April were down 26% from 2007.
- Affluent home sales continued in April with a drop of 29% in purchases of homes priced above $600,000.
Dallas housing analyst Ted Wilson of Residential Strategies said the drop in listings is a good sign. “Probably the most important point is that reducing inventory tends to support and strengthen prices”.
There are still plenty of homes on the market. However, what’s missing in the current market is the usual rush of buyers and, those in the market to buy, are taking longer to make their buying decisions. Mortgage rates are still historically affordable and prices in many neighborhoods have declined from recent peaks. Therefore, with a good supply of homes on the market, good rates and fair prices, it is a good time for buyers and a positive sign for the DFW Housing Market. This all points to the expectation that the DFW Housing Market will be one of the first markets to recover.
For more information regarding the local housing market, Listings of Homes For Sale or for a FREE value analysis of your home, contact Steve Doane at 214-755-3378 or steve@stevedoane.com
The Author: Steve Doane
About: Steve and Mary Doane are experienced North Texas area REALTORS® with The Doane Realty Group of CENTURY 21 Judge Fite Company, having 21 offices in the Dallas area to serve clients. Steve and Mary believe deeply in hard work and dedication to their clients is top priority. It is these qualities that they believe that pave the way for providing the absolute best in client care. Steve is proud to have earned the distinguished 2007 “Quality Service” Award, based upon his service ratings from his satisfied clients. There knowledge comes from constant education, personal real estate investment experience, and a willingness to stay on top of an ever-changing market.
This entry was posted by Steve Doane, on Thursday, May 8th, 2008 at 4:24 pm and is filed under DFW Housing Reports, Market Trends, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
May 12th, 2008 at 4:27 am
Great summary of the current DFW Housing Markets. I have provided the information to local agents.