DFW Home Prices Rising Rapidly

The median single-family home sales prices sold through MLS hit a record high of $176,000 last month.  Home sales prices in North Texas are now about 10 percent higher than they were at the peak of the market in 2006-2007 before the Great Recession.  In 2009 at the peak of the recession, home prices had dropped to a median of approximately $130,000.  And housing economists predict that we are not yet in the peak price time of the year, which is May, June and July.   

-          Dallas Morning News, May 9, 2013

DFW Housing Market Accelerates

North Texas’ housing market took off like a rocket in April with a 30-percent jump in sales.  The year-over-year growth in pre-owned single family home purchases is the second largest the area has seen since 1998.  And the 14 percent rise in home prices from April 2012 is the biggest percentage gain in residential value on record for the area.  (RMDFW was up 49 percent in April over one year ago.)

-          Dallas Morning News, May 9, 2013

Cash Sales Now 28% of RMDFW Closings

Cash sales are accelerating in this historically tight market.  With little inventory, buyers are trying to put their best foot forward, and consequently more buyers are presenting cash offers.   We are now at 28% of all closings are cash sales at RE/MAX DFW Associates, up from the norm of 5%.  

Ross Perot, Jr. – “It’s Time to Buy a Home”

“The big picture: this economy is coming back,” Ross Perot, Jr. said during a interview in California, where he was breaking ground on a condo project backed by his Dallas-based company. “The American people are very shrewd and they realize it’s a great time to borrow to buy a home because pricing is very cheap.”    And that is changing as prices increase.   Further, foreclosures are drying up.   The monthly supply of foreclosures is now back to the 2007 level, before the Great Recession.   The decline in new problem loans shows that the recovering U.S. economy, falling unemployment and rising home prices, combined with more than four years of banks’ tightening lending standards, are propelling the worst real estate crash since the Great Depression into the rearview mirror.

-          Bloomberg News, May 6, 2013