Dallas-Fort Worth home prices fell by the smallest percentage in almost two years in the latest housing market snapshot. D-FW prices were down only 1.6 percent in July from a year earlier in the closely watched S&P/Case-Shiller home price index. And local home prices were up from June to July, the fifth consecutive month of increases. The July figure is also the highest point in the home price index since last September. The small annual decline in North Texas home prices is a big improvement from earlier in the year, when the Case-Shiller index showed that prices were falling by more than 5 percent from 2008. The just-released data is more proof that home price declines bottomed in North Texas in early 2009. "The rate of annual decline in home price values continues to decelerate, and we now seem to be witnessing some sustained monthly increases across many markets," Standard & Poor's David Blitzer said Tuesday in the report. "These figures continue to support an indication of stabilization in national real estate values." Analysts are keeping an eye on how the housing market reacts later this year when a popular federal home buying tax credit expires. Nationwide home prices in July were still 13.3 percent below where they were a year earlier. But the index has been higher for three consecutive months, a strong indication that home prices have bottomed out.
Wednesday, September 30, 2009
Dallas-Fort Worth home prices fall only 1.6% in latest measure
Wednesday, September 23, 2009
Coldwell Banker: Dallas homes for corporate transfers highest in Texas
Corporate transferees will have to dig a little deeper to pay for digs in Big D. At least that’s what Coldwell Banker Real Estate says in its annual home price comparison index, which tracks the cost of homes in more than 310 U.S. markets in areas that would appeal to "typical corporate middle-management transferees." With an average price of $332,375, Dallas has the highest cost in Texas. The 2009 price estimate is up six grand from last year’s estimate. The home price breakdown released Wednesday tracks the average cost of a 2,200-square-foot single-family home with four bedrooms, two and one-half baths, family room and two-car garage in neighborhoods that would appeal to relocating corporate managers. Coldwell Banker found that the nationwide average price for this type of dwelling is $363,401 – higher than the Dallas average. The residential sales firm said the same house would run $248,960 in San Antonio, $226,500 in Austin, $159,847 in Houston and just $153,450 in Fort Worth. But the information collected citywide by local real estate agents through the Multiple Listing Service doesn't show this same price disparity between Dallas and other Texas cities. That’s because Coldwell Banker only uses a narrow range of home listings for its annual report -- homes in specific neighborhoods that would appeal to corporate executives.
Monday, September 21, 2009
Now marked down: Dallas mansions
he French-style Highland Park house has limestone floors, a three-car garage, a swimming pool and guest quarters out back. But what's likely to catch a buyer's eye is the sign out front: "New Price."Now offered at $4.45 million, the 6,788-square-foot mansion has been marked down by close to $1 million since it came on the market last spring. "It's one of those listings you are scratching your head," said agent Joan Eleazer. "You know that the market is bad, but why hasn't this great house sold?" With the latest price cut, Eleazer, who works for Briggs Freeman, is finally getting some nibbles from potential buyers. "Pricing makes all the difference," she said.
Saturday, September 19, 2009
Where Home Prices Are Hitting Bottom
There's more to indicate that the housing recession has hit bottom than Thursday's dual announcements that housing starts rose 1.5% from July, and new jobless claims dropped by 12,000 last week. Homeowners looking to sell are also putting the brakes on the trend of aggressive price cuts, indicating that the real estate market may be closer to salvation than previously thought. In 20 major U.S. housing markets, the percentage of homes that have suffered price reductions is dropping. In Depth: Where Home-Price Slashing Is Slowing Down Thirty-nine percent of for-sale homes in 20 major U.S. metros have had their prices reduced. That's a drop of six percentage points, from 45% at the beginning of the year, according to data provided to Forbes by Altos Research. That the number of for-sale homes with startling cuts has dropped is a sign that the real estate market may soon reverse its downward slide.
Thursday, September 17, 2009
Dallas-Fort Worth home foreclosure filings jump 34%
The number of homes facing foreclosure in Dallas-Fort Worth next month shot up 34 percent from a year ago.
But much of the increase is due to loan modification programs, which have carried over foreclosure filings from previous months.
Almost 6,000 homes are scheduled to be sold at foreclosure next month, Addison-based Foreclosure Listing Service said Thursday.
The biggest jump was in Collin County, where foreclosure filings are up 61 percent from October 2008.
But the current statistics overstate the problem because lenders who are negotiating with problem borrowers frequently carry over postings for several months, which adds to the volume.
“We are still seeing a lot of reposts – it’s nuts,” said Foreclosure Listing Service president George Roddy. “It’s creating an artificial high.
“If we keep going like this, we will have 60,000 home foreclosure postings this year in the Metroplex, which is horrendous.”
But less than half of the homes set for forced sale each month are actually foreclosed on by the lender.
In many cases, the borrower and debt holder reach a new agreement or the foreclosure is delayed.
Friday, September 11, 2009
Dallas-Fort Worth pre-owned home sales fall 15% in August
North Texas home sales fell by double-digits in August from a year earlier. But despite the decline, prices are still holding up. Local real estate agents sold 6,338 pre-owned homes though the multiple listing service last month – a 15 percent decline from August 2008, according to the latest statistics from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information System. Home sales are down 19 percent through the first eight months of 2009 compared with the same period of last year. But so far, median sales prices have fallen only 2 percent and were unchanged last month at $150,000. At the end of August, 38,166 homes were listed for sale in the area – 14 percent less than a year earlier. That adds up to a 6.5 month supply.
Wednesday, September 9, 2009
Forecast says Dallas will be one of top 10 home markets for 2009
Despite continued sale declines, a new forecasts predicts the Dallas area will be one of the top home markets in the country this year. Fort Worth, Houston, San Antonio and Wichita Falls are also on the list of what are expected to be the 10 top-performing housing markets, according to a report released Wednesday by analysts at Local Market Monitor. The study indentified home markets where residential values are expected to remain level, did not see a housing boom and have had modest employment declines. “Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact,” the report says. Dallas has ranked high in previous studies done by North Carolina-based Local Market Monitor. “This means that Dallas-Plano-Irving will fare among the best over this next year, a factor that bodes well considering the state of the national housing crisis,” a representative of the research firm said. Home sales prices in North Texas are down about 2 percent so far this year, according to data collected by local real estate agents. By comparison, U.S. home prices have fallen by more than 15 percent. Most Texas cities fared well in the report, but other major U.S. home markets got bad marks. Fresno, Las Vegas, Miami, Orlando, Phoenix, Portland, San Jose, Tacoma, Tucson, West Palm Beach, Fla., and Stockton, Calif., were rated as cities with the worst home market prospects.
