Tight inventory is part of the reason why home values are pointing upward in and around the Dallas area.
Dallas TX (PRWEB) March 06, 2014
The Dallas real estate market is still feeling the afterglow of a very strong 2013, and now that the numbers are coming in, it’s becoming abundantly clear just how beneficial 2013 was for North Texas real estate.
Prudential Texas Properties reports the results from the recently released Standard & Poor’s/Case-Shiller Home Price Index that found Dallas-area pre-owned home prices rose 10.2 percent in 2013. That figure was based on analyzing data from December 2012 and comparing it to the same data in December 2013.
Between November and December 2013, prices of pre-owned homes grew 0.2 percent, which might not seem like a significant number, but is still impressive as this time of year is typically slow for real estate as otherwise interested buyers and sellers find themselves waiting out the holiday season before getting serious again about finalizing a transaction.
In fact, the S&P/Case-Shiller report found that Dallas was one of just six metro areas that showed home price appreciation from November to December 2013. The other five were Miami, Las Vegas, San Francisco, Tampa and Washington, D.C.
“Tight inventory is part of the reason why home values are pointing upward in and around the Dallas area,” said DD Flynn, VP of Marketing with Prudential Texas Properties. “A unique combination of renewed home owner confidence and new home builder confidence should lead to a replenished inventory in 2014 and beyond. This should balance a market that has been feverishly in favor of sellers for some time now.”
Click here for a 60-second Dallas home market update.
The real estate market recovery continues on not just in North Texas but elsewhere in the United States. Bloomberg News recently reported that new U.S. home sales are expected to climb in January to their highest level in more than five years. This is surprising in part because of the incredibly harsh winter weather that much of the country has experienced over the past several months. However, the real estate market recovery forges on, not to be deterred by Mother Nature.
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