Dallas Home Market Could Become More Stable for Buyers through Next Year
Dallas, TX (PRWEB) November 06, 2013 -- Much of the attention in the Dallas real estate market this year has been on how sellers have recouped major value gains on homes after the recession—and rightfully so. After all, a $60,000 increase on the average Dallas home from the beginning of the year—according to data from real estate analytics tracker Altos Research—speaks volumes to the upward growth of this market. All this said, the market has been shifting slightly in the direction of buyers during the low-season of early autumn, and a recent report indicates further buyer-friendly signals in the form of area home prices predicted to essentially stabilize through the first six months of 2014.
While a recent report from the National Associaton of Realtors® predicted that Texas home values would rise by 5 to 9 percent by October of 2014, a more current October 30th Dallas Morning News article cited analytics company CoreLogic as predicting a tamer 3.3 percent price gain on Dallas homes through the second quarter of 2014. Sure, that would still leave room for Dallas home values to hit that NAR prediction through the fourth quarter of 2014, but if both this year’s activity and this history of Dallas real estate have proven anything, it’s that a very large majority of market growth tends to occur within the first six months of any given year.
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With Altos seeing the October 28th median list price on Dallas homes at $329,900, this means the median list price by July of 2014 would be right around $340,000. While CoreLogic’s prediction is simply, well, an educated prediction, those looking to buy Dallas homes can take some immediate comfort in the fact that the median list price on area homes has dropped for the last several weeks in terms of the seven-day average, with Altos’ October 21st median list price at $335,000 and its October 14th median list price at an even higher $339,000. In other words, the seven-day average on Dallas homes has dropped $9,100 in two weeks.
“Slower value growth in Dallas homes over the next eight months could aid the local market in being seen as healthy, rather than just hot,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “If the CoreLogic prediction rings true, we could see a potential uptick in the number of Dallas home transactions due to potential buyers being less frightened by a market that some might have previously viewed as overly competitive.”
Dallas home sellers should not be dissuaded by these reports, however. This is one of the most thriving real estate areas in the country and the past year has shown that any decline in values here tends to be countered by an increase as this market shows no signs of losing its desirability. Furthermore, USA Today reported on October 31st that the current mortgage rate of 4.1 percent on a 30-year fixed rate mortgage is the lowest the nation has seen in four months, and the number of home purchases is on the rise as a result.
©2013 BRER Affiliates LLC. An independently owned and operated broker member of BRER Affiliates, LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Prudential Texas Properties is an independently owned and operated member of BRER Affiliates LLC. Equal housing opportunity.
Rachel Rusnak, TRIBUS, +1 (312) 600-8809, [email protected]
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