North Texas housing market conditions are definitely reflecting the nationwide improvements and I think we’re going to continue to see a really active market.
Dallas, TX (PRWEB) August 07, 2014
After six months of negative expectations for the housing market, the nation is finally gaining confidence in the home construction industry. Prudential Texas Properties reports, citing data from the National Association of Home Builders/Wells Fargo builder sentiment index, that home sales have picked up as well as the nation’s expectations for the rest of the year.
The sentiment index uses a scale with 50 as the neutral value to measure whether builders are confident in the local market and July was the first month since January 2014 that saw a surveyed value in the positive territory. Rising four points from June, the July index was 53.
New home sales have picked up in the past few months, with an exceptional jump of 18.6 percent in May. Although home sales are still around a pace of about 50 percent of what it was when the real estate market was at its healthiest.
At the same time, employers have added more than 200,000 jobs for the fifth-straight month, bringing the national unemployment rate to its lowest level in more than five years of 6.1 percent.
“Nationally, it’s great to see the housing market really gaining steam right now, especially after the slower than expected start to 2014,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “North Texas housing market conditions are definitely reflecting the nationwide improvements and I think we’re going to continue to see a really active market.”
One of the biggest things holding back the housing market in Dallas is the low levels of inventory, but Altos Research, a California-based real estate analytics company, reported that the supply of homes is on the rise. As of July 25, there were about 2,380 homes on the market in Dallas.
In just the past month or so, the Dallas housing market has begun to level out slightly as more homes have entered the market, easing up on the bidding wars seen throughout much of North Texas in general.
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