Holy crown moulding, Batman! Can you believe this? Bloomberg News just published a story saying that of the top 20 housing markets in the good ‘ol US of A, Dallas performs better than every single one of them!
Since the loud pop of the national housing bubble bursting, Dallas has recovered and gone on to thrive, the story says:
“We didn’t have a bubble in the first place, so there was no real collapse in prices,” said Mark Dotzour, chief economist at the real estate center at Texas A&M University in College Station,Texas. “I expect we’ll be in this seller’s market that’ll lead to higher appreciation than normal this year and next.”
Dallas is the Case-Shiller index’s only city in Texas, a state where the housing industry has flourished amid economic growth, few environmental constraints and abundant land. The Dallas-Fort Worth area added 104,900 non-farm jobs in April from a year earlier, the most after the New York City area’s 160,000 jobs and Houston’s 111,200, according to the Bureau of Labor Statistics.
“Underpinning the housing sector’s gains is a broad-based expansion of the overall Texas economy,” according to a June 13 paper by D’Ann Petersen, a Federal Reserve Bank of Dallas economist, and Christina Daly, a research analyst. “Stronger-than-average employment growth and consistent in-migration should continue boosting demand for homes and apartments.”
Agents, are you having your best sales year ever? Tell us about it in the comments!