AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS

New Listings Reaching Normalcy
The increasing amount of new listings over the past 60 days in the DFW Metro market is showing signs that we are reaching a normal market for new listings. However, the huge inventory of buyers well exceed the supply of listings and all indications are that our strong seller’s market will continue for the next two to three years, with a continual increase in home prices. Approximately 18,900 homes came on the market in May 2014, compared to 17,468 new listings in May 2012. That is a healthy 9% increase. It was in May 2012 when the DFW Metro market made a significant correction, with May the last month of a buyer’s market to August 2012 when the region had become a seller’s market.

AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS
A starter home in San Francisco is $679,800, but in Cleveland it is only $102,100. But it takes a hefty income of
$137,129.55 in San Francisco to purchase the starter home. Dallas now ranks 16th in most expensive housing markets,
a huge change over the last many years when Dallas was always one of the most affordable cities.
CITY
Income Needed
Starter Home
Price Change from 2013
1. San Francisco
$137,129.55
$679,800
14.50%
2. San Diego
$98,534.22
$483,000
17.10%
3. New York City
$89,788.69
$388,900
5.60%
4. Los Angeles
$85,964.88
$406,200
17.60%
5. Boston
$79,820.01
$363,200
9.30%
6. Washington, DC
$78,503.56
$358,900
2.90%
7. Seattle
$73,851.06
$339,900
8.70%
8. Portland
$60,307.71
$271,900
10.30%
9. Denver
$59,892.46
$288,400
10.40%
10. Miami
$59,734.23
$259,000
15.10%
11. Sacramento
$58,113.87
$255,800
22.20%
12. Baltimore
$53,078.51
$224,500
-0.90%
13. Chicago
$52,866.88
$176,900
11%
14. Philadelphia
$50,546.25
$201,800
2.10%
15. Houston
$49,036.60
$184,600
12.80%
16. Dallas
$47,708.77
$174,800
9%
17. Minneapolis
$45,732.39
$188,200
10.30%
18. San Antonio
$44,506.00
$169,300
8%
19. Orlando
$43,243.95
$178,000
18.70%
20. Phoenix
$41,308.74
$194,300
15%
21. Tampa
$36,437.56
$145,000
7.40%
22. Atlanta
$34,183.44
$141,900
23.30%
23. Detroit
$32,250.30
$110,750
35.60%
24. Cincinnati
$31,850.18
$121,700
0.06%
25. St. Louis
$31,275.49
$120,500
8.60%
26. Pittsburgh
$30,177.78
$120,000
-1.80%
27. Cleveland
$29,788.67
$102,100
1.10%

Cypress Waters In Las Colinas

Straddled between Coppell and Irving in the city limits of Dallas, Cypress Waters is a dream come true for Lucy Billinglsey, the daughter of Trammell Crow.  

7-Eleven has announced that it is moving its headquarters and 1,000 employees to Cypress Waters.  Cheddars is building their corporate location there and Monitronics Security Systems has announced it is moving from Carrollton to Cypress Waters.  The business parks of Cypress Waters are booming.  Located at the northeast corner of I-635 and Belt Line Road, the development is in the Coppell ISD and the first elementary school is scheduled to open this fall.  More schools are planned.    The forst 800 apartment units are now occupied with some of the most appealing designs and architecture in the Metroplex.    Recently announced was the proposal for upscale restaurants in Cypress Waters on the shores of Northlake.  The dream is now reality, and Lucy Billingsley has made a significant mark in northwest Dallas County.

Las Colinas Executive with Media

Las Colinas Executive with Media Room Stunning home located in prestigous Cottonwood Hill Estates.Gorgeous spiral wood stair case. Spacious family room open to kitchen. Dining room boast curved wall and gorgeous detailed crown molding. Huge master bedroom with elegant trayed ceilings. Luxury master bath has marble vanities and seamless shower. Huge walk-in closet.Kitchen has alderwood cabinetry &lighted accent cabinets. Custom window treatments. Brick patio.Hoa maintains front yard. RE/MAX Premier Properties Kim Raine Las Colinas Executive 214 675 9436 (Cellular) 972 403 2040 (AccessLine) http://www.kimraine.com

Information herein deemed reliable but not guaranteed	©2012 Imprev, Inc.