The latest quarterly survey of U.S. home prices shows that Dallas-Fort Worth is outperforming the rest of the country
Author: Skia
Category: Real Estate
But the D-FW area’s showing in the National Association of Realtor’s new metropolitan home price comparison may have as much to do with what’s selling as prices.
During the second quarter D-FW’s median home resale prices rose by 1.7 percent, the Realtors association said Wednesday. That compares with a 1.5 percent decline for the entire nation.
Dallas-Fort Worth was among the roughly two-thirds of the markets the Realtors surveyed that showed home sales price gains from last year.
But details may bedevil those numbers.
Sales of low and moderate price homes in North Texas have declined significantly this year while purchases of higher priced houses have soared.
That shift in buying patterns causes median home sales price numbers to climb.
“Yes, much of it is the math,” said Dallas housing analyst Ted Wilson with Residential Strategies Inc. “The good news is that housing prices have held relatively steady here - unlike some coastal markets that are retracing pricing levels to that of two to three years ago.
“Our prices here in D-FW never soared, so we aren’t as at risk to a pricing collapse.”
D-FW home values have been some of the most stable in the country during the last few years.
Median home prices fell by 2.2 percent in the Northeast during the most recent quarter, according to the Realtors. Prices were also down slightly in South and West.
Some of the sharpest price declines were in Elmira, N.Y. (down 17.9 percent); Palm Bay, Fla., (down 15 percent) and Sarasota, Fla. (down 11.3 percent).
Other cities are still seeing price booms, including Salt Lake City, up 21.9 percent and Binghamton, N.Y., up 19.8 percent from a year ago.
In Texas, the largest median home sales price gains were in Beaumont, up 11.8 percent, San Antonio, up 6.6 percent, and Austin, up 5.6 percent. Prices were down by 3 percent in Amarillo and by 1.8 percent in Corpus Christi.
Pre-owned home sales were down in Texas by 1.3 percent in the second quarter, according to the Realtors. That compares with a 10.8 percent nationwide decline.
| About a third of the U.S. cities the Realtors surveyed in the second quarter had declines in home prices. Here’s a look at the median home prices for selected city for second quarter of 2007 and the percentage change from the same quarter of previous year. |
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investment property
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