Reports Show Dallas-Area Home Prices Are Up, But Sales Are Down

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Word comes that for the month of August, Dallas-area home prices posted a fantastic little bump at 7.3 percent year-over-year. Case-Shiller’s Home Price Index report shows enough of an increase in prices to warrant continued optimism among sellers in our burg, where a shortage of inventory and slow-to-catch-up new home builders has made the market for homes in most price ranges very competitive.

That’s one of the highest increases nationwide, and over the national average, too, which is 5.5 percent. According to the report, the median price of a pre-owned, single-family home in North Texas in August is up 7 percent from the same period last year.

But according to a recent report from the Real Estate Center at Texas A&M University, total sales are down 2 percent over a year ago. Of course, as sales volume decreases, it’s only natural for the competition over those homes on the market to heat up.

I guess, though, we’re in a fortuitous spot considering that our price increase puts us at 12 percent higher than pre-recession levels, and with inventory as short as it is and job growth still on pace for expansion, there’s no bubble in sight.

What’s your outlook on home prices and inventory?

3 Comment

  • Candy…..Not sure if this is the right place to ask this.

    I live in Sparkman Club Estates where the so called “McMansions” are getting closer to our home. I say this is a good thing for the value of our and the hubby says no. What say you?

    • Stay tuned, because we’re going to address this very question in a coming post!

    • I say yes, and no. Depends on your home. How old is it? Have you been shoveling money into it faster than I can say “charge it?” Tear downs make LOT VALUES go up but yes, they also make your 40 year old home (I’m assuming) look shabbier. Do you have low ceilings? BAH! On the other hand, Realtors use “lots of new home building going on” as a plus when showing a hood. So it’s not all good, not all bad — depends on your home. I make House Calls if wine is involved. PS We used to live near Sparkman on Ainsworth, first darling little house and still there!