Huge Wall Street Journal story being circulated via Twitter, etc. today, The U.S. Housing Boom Is Coming to an End, Starting in Dallas.”

Dallas, really?

“Home prices zoomed higher in recent years, and mortgage rates are climbing. Buyers are queasy.”

Now we know our market is not as hot as it was in 2015 and 2016, two of the hottest years for DFW real estate values, which have really growth-spurted in recent years. As the WSJ puts it, affordability has gotten “out of whack with historic norms.” A median priced home is now about $235,000 in Dallas, about 50 percent more than what it cost in 2007 before the Great Recession. We know that the corporate relocations to Plano and areas north have cooled, with transplants’ primary homes, at least, snapped up. But (and I actually have many “buts” here) I might use another verb other than “sputter“:
PLANO, Texas—A half-hour drive straight north from downtown Dallas sits one of the fastest-growing counties in the country. Cotton fields have been replaced with Toyota’s new North American headquarters, a Dallas Cowboys training facility and a sand-colored shopping strip with a Tesla dealership and a three-story food hall.

Yet even with the booming growth, Dallas’s once vibrant housing market is sputtering. In the high-end subdivisions in the suburb of Frisco, builders are cutting prices on new homes by up to $150,000. On one street alone, $4 million of new homes sat empty on a visit earlier this month. Some home builders are so desperate to attract interest they are offering agents the chance to win Louis Vuitton handbags or Super Bowl tickets with round-trip airfare, if their clients buy a home. Yet fresh-baked cookies sit uneaten at sparsely attended open houses.

First of all, developers have long offered agents perks to sell their homes — hate to tell you, but Louis Vuitton handbag lures are nothing new. (I sure hope they are not knock-offs!) We have talked before about the North Texas slow down, particularly in million dollar plus homes.

How many ways can an agent say “price reduced” without really saying it?

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