We were looking at appreciation rates that were downright dangerous for a while, this pause can give home buyers a chance to catch up and find the right property for the right price.
Dallas, TX (PRWEB) August 21, 2014
After a summer full of searing activity within the Dallas housing market, home prices and demand have both tapered off in the second week of August. Prudential Texas Properties reports that the median home value in Dallas has plateaued in the last few weeks, giving the market a much-needed reprieve following such lofty price increases.
According to Altos Research, a California-based real estate analytics company, the median home value in Dallas had been on a rapid rise throughout much of the spring and summer seasons but has recently leveled off at one of the higher points the market has seen in the last 12 months.
As of August 8, Altos reports a median single-family home value in Dallas to be $394,488. This is just a slight notch up from the previous week as home price gains have decelerated in Dallas after periods of tremendous gains.
“The slowdown of price increases isn’t at all a bad thing,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “We were looking at appreciation rates that were downright dangerous for a while, this pause can give home buyers a chance to catch up and find the right property for the right price.”
Perhaps contributing to the slowdown of home prices is the slight reduction in demand noted recently by Altos’ unique figure known as the Market Action Index. This figure measures from a neutral value of 30 whether home buyers or sellers are in favor in a particular market by analyzing supply and demand levels. Dallas remains in the seller-favored, above-30 range with a value noted as of August 8 of 38.36.
This was a slight downgrade from figures that were well into the 40s back in June, indicating that demand may be waning just slightly as more properties have come to the market recently.
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Inventory has been climbing in Dallas, another much-needed factor to get the local market moving. As of August 8, Altos indicates that there are about 2,269 properties on the market.
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