We hope to see more homes enter the market in the coming months, pulling the market closer to the neutral buyer and seller zone.
Dallas, TX (PRWEB) July 14, 2014
The Dallas-area housing market has attracted buyers as the job market thrives and the region continues to get noticed for its ideal living conditions. Prudential Texas Properties reports, citing data from Residential Strategies, that North Texas home sales rose by 10 percent compared to the second quarter of 2013.
The report found that builders started on 5,966 homes in the Dallas-Fort Worth region during the second quarter of 2014, which is a 2 percent uptick from the same time last year. However, builders did slow down slightly from the first quarter of the year when they were keeping pace with the high levels of demand for housing in the area.
The amount of available inventory remains tight, with fewer than 3,000 finished and available homes on the market at the midpoint of the year. Although builders have only started about half of what they were building in 2006, housing starts in North Texas have increased by roughly 75 percent.
“While the inventory in the Dallas-Fort Worth area is still in need of more building, the slow and stable growth is proving to keep demand high in the region without causing home values to tick up too drastically,” DD Flynn VP of Marketing at Prudential Texas Properties says, “We hope to see more homes enter the market in the coming months, pulling the market closer to the neutral buyer and seller zone.”
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According to Altos Research, a California-based real estate analytics company, as of July 4 the market has dipped down in the past couple weeks showing conditions that are neutralizing slightly. While the Market Action Index, Altos’ unique figure that measures buyer versus seller conditions, is still very much in seller territory, it has eased back slightly. This could be a result of the increasing inventory levels.
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