While the winter months are usually a slow season for the Dallas real estate market, buyers didn’t seem to get the message.
With record-low levels of housing supply and buyers seeking out deals before rates go up in 2017, Realtor.com is reporting that Dallas maintained its second-place rank as one of the hottest markets in the nation. And homes on the market are moving quickly, as national figures for December show homes flying off the market 5 percent faster over last year, even as prices remain at record highs.
“We saw evidence of a stronger-than-normal off-season in September and October due to pent-up demand and surging interest from first-time buyers,” said Jonathan Smoke, chief economist at Realtor.com. “Since the election, demand seems to have intensified, possibly in reaction to a jump in mortgage rates. Now buyers seem to feel a sense of urgency as they face the threat of rates that may approach multi-year highs in the months ahead. The downside to this strong fall is that 2017 will begin with a new low volume of available homes for sale.”