Most Dallas-area neighborhoods continued to see modest home price growth during the first nine months of 2007.
On average, median home sales prices in North Texas are up a scant 1 percent so far this year, according to statistics from the North Texas Real Estate Information System.
Other close-in residential districts in East Dallas and the Park Cities have also had significant home price growth this year.
But citywide home sales have trended downward in 2007.
More than 30 of the 45 residential areas The Dallas Morning News tracks have had declines in home sales this year.
The biggest declines have been in Coppell – where listings are low – and Westlake, which has almost an eight-month supply of houses on the market.
Citywide, there's about a 6.5-month supply of pre-owned homes for sale.
Real estate agents say that sales of moderate and low-priced houses have declined because of turmoil in the mortgage markets.
Many buyers who relied on subprime loans are now out of the market.
"It has lowered our sales some, and some of the people can't get in," said Al Herron of Century 21 Galloway-Herron Realtors.
"But it's going to be good for the housing market in the long run."
Mr. Herron said many of the former subprime borrowers are now getting loans from the Federal Housing Administration.
Even with the decline in sales this year, economists give Dallas area housing markets high marks.
Dr. James Gaines of Texas A&M University's Real Estate Center said that while the local housing market "may be somewhat slower, the market is still, relatively speaking, strong."
"The economy is still doing well, employment is still growing, there are people moving to the D-FW area in fairly large numbers," Dr. Gaines said.
"And there is plenty of mortgage money available, but not under the ridiculously easy standards of the past several years."
Article courtesy of the Dallas Morning News
3 months ago