What was the final verdict on home sales and home prices in DFW last year? What kind of profit did home sellers get? And how did Texas fare when it came to a ranking of the quality of life in state capitals?
Home sales fell in North Texas in the fourth quarter of 2018, Dallas-Fort Worth hit record home prices last year, and the Arlington Black Chamber of Commerce will hold its Hard Hat Construction Expo — and we have all this and more in this week’s roundup of real estate news.
While the median home price grew, home sales in North Texas fell 7.6 percent in the fourth quarter of 2018, a report by Texas A&M’s Real Estate Center said.
Area home sales fell to 22,402 transactions, while the median home price grew 2.4 percent over the year to $260,000. Months of inventory rose 32.5 percent to 2.5 months, and residential property listings increased to 29.4 percent in 2018 to 20,627 listings.
How did Dallas do when it comes to home sales compared to the nation? Are we starting to see more inventory? Where are various generations choosing to live in Dallas-Fort Worth? We have all of that in this week’s roundup of real estate news.
The number of homes sold across the country fell in October, including in Dallas, Redfin reported.
In Dallas, the median sales price in October was $280,000, down 2.8 percent from September, but overall unchanged year over year. Homes sold was down 3.3 percent in October to 4,630, and down 8.7 percent year over year. New listings were down .3 percent in October to 6,140, but up by almost 3 percent year over year. (more…)
Far East Dallas is swarming teeming with work trucks as investors, eager to catch the wave of demand within inner-loop neighborhoods, remodel homes on these close-quartered blocks. But even with all of the flippers tacking up new drywall and painting these post-war ranches varying shades of gray, supply of move-in ready homes hasn’t kept up with demand. Because of these market dynamics — the Dallas-Fort Worth-Arlington metro area’s net population growth is at about 974,000 new residents since 2010 — prices are surging, breaking new records.
Of course, one can’t help but wonder if this breakaway price growth could mean that a bubble is about to burst …
It’s not just Dallas and northern suburbs where homes are notably appreciating and sales are “fly-off-the-market” fast. Arlington, Grand Prairie, and Mansfield showed substantial increases last month in both home prices and sales, according to a new report from the Arlington Board of Realtors.
Arlington home sales increased 9 percent, Grand Prairie’s increased 9 percent, and Mansfield home sales increase a whopping 36 percent in March 2016. Home prices increased in all markets, as well.
“We continue to be in a strong real estate market, as the numbers show,” said Tim Beary, 2016 Chairman of the Arlington Board of Realtors.
The numbers for homes sold, median price, monthly housing inventory, average number of days on the market, and active home listings were all notable in these three DFW markets.
The Lone Star State isn’t the same place as it was during the big 1980s oil bust, and is better weathering falling oil prices, but further price plunges and worker layoffs could negatively impact home sales and construction.
This is according to new research by Texas A&M Real Estate Center research economist James Gaines, who published Texas 2015 Housing Market and the Price of Oil last week. The six-page report explains that Texas’ economy has diversified significantly since the 80s bust, relying much more on healthcare, technology, and other sectors.
Here’s the takeaway:
The price of Texas oil and the upstream energy sector is a prime cause of concern for Texas’ 2015 economy and housing market. History shows that Texas’ housing does not depend on high oil prices. In fact, the state’s housing market has thrived at prices within a wide range of oil prices lower than those experienced in 2013 and the first half of 2014.
Read the full story over on MidlandDirt.com!
It seems like economists can’t make heads or tails of the dropping oil prices, other than it’s good for consumers. I filled my little hybrid up the other day for less than $30, so I’m going to call it an obvious win in that column. But with the high demand and limited supply of housing in the Permian Basin, and how Houston home values have skyrocketed, we’re left wondering if these two Texas regions will bear the brunt of cheap oil.
“Oil prices are certainly something to keep an eye on,” said Metrostudy’s David Brown in this DMN report. “As long as oil prices do not continue to decline and don’t stay at a level below $55 a barrel for a sustained period, we should continue to see solid demand for housing in the region.”
On the other hand, Trulia’s Jed Kolko says the impact on home values is coming, but it won’t be felt immediately.