The positive signs appearing frequently in the Houston Real Estate Market
Is the market for Dallas-Fort Worth housing finally hit bottom? Many real estate experts hope so.
Consider the facts:
- Pre-owned, single-family home sales in North Texas fell almost a 25 percent in May from a year earlier, according to North Texas Real Estate Information Systems Inc. and Texas A & M University Real Estate Center.
- These sources also reported that May sales was the lowest since 2000 home.
- Median house prices in the North Texas region have declined 4 percent this year to $ 139,500.
- condo sales in North Texas were down 33 percent for the first five months of 2009.
As sales continue to decline, analysts are closely looking for signs that the market is finally stabilizing. Although there are certainly different views and views on when this will occur, most analysts agree that both consumer confidence and the labor market in the metropolitan area of Dallas-Fort Worth need to show signs of improvement before the real estate market can begin to balance.
Another interesting point is that the luxury homes, valued at $ 1 million or more, also down a whopping 45 percent during the first five months of 2009, showing that the recession and housing market crash affected all classes.
Houses in the market continues to decline, thus indicating that many owners are simply looking to weather the storm and the list from home when sales begin to pick up. Since May, there were about 40,000 homes listed in MLS which is a decrease of 10 percent over a year above.
And do not forget the mess of subprime mortgages
One thing is certain: the subprime mortgages that they close the other side of North Texas. It seems there is a large part of homeowners still struggling with its main variable rate loans.
And while many of the subprime adjustable rate mortgages are about to finish wreaking havoc in the market, the next round is set to hit, and does not look good.
We all know what that means – foreclosures. The Dallas-Forth Worth – and for that matter the rest of the country – you still see the numbers of foreclosures, higher than historical.
For give you an idea of the magnitude of the disaster of foreclosure, estimates that more than 6,000 homes in the Dallas-Fort Worth scheduled for foreclosure only in July, according to Addison-based services foreclosure sale.
Dallas has not Count
There are bright spots on the horizon of North Texas real estate. While other parts of the country that experienced a housing bubble of extraordinary parts, like California and Florida, are expected to continue playing well through 2009 and beyond, many parts of the country – many located in Texas – are expected to recover sooner than later.
Only some of the areas expected to recover from the recession and housing slump are Dallas, Austin, San Antonio and McAllen. The health of the economy in Dallas and other cities in Texas comes from its growth in health care and education.
Fortunately, these Texas cities never experienced the housing boom Like other areas of the country, and is a good thing, because that is exactly what drives them towards a speedy recovery.
About the Author
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