Dallas Home Inventory Low; Demand, Prices High in Q3
The Texas housing market is showing remarkable signs of growth even as 2013 draws to a close with demand and home prices through the roof thanks in part to historically low inventory levels.
The Texas Quarterly Housing Report from the Texas Association of REALTORS® revealed that the third quarter of 2013 saw historic highs in demand prices and historic lows in inventory.
“In the fall, Texas REALTORS® usually start to catch their breath as the summer selling season draws to a close, but not this year,” said Shad Bogany, chairman of the Texas Association of REALTORS®. “Demand for Texas homes remains strong and prices are increasing, keeping buyers and sellers in the market, and Texas REALTORS®, busy.”
Additionally, a total of 80,105 single-family homes were sold in the Lone Star State in the third quarter this year, which was nearly 19 percent higher when compared to the same quarter last year and the second straight quarter where the highest volume of homes were sold since the inception of the association’s report in 2009.
Helping spur demand was a low housing inventory. Jim Gaines, economist at the Real Estate Center at Texas A&M University put it in perspective as some of the larger Texas markets, Dallas included, featured remarkably low figures in terms of months required to sell off remaining inventory. Of the 47 markets surveyed, 10 have less than three months of inventory remaining.
New home building into 2014 should curb some of the declines seen in the inventory in Dallas and other parts of North Texas. This will also help spur housing activity as buyers will have more options to choose from when new home shopping.
Everyone knows that the mortgage plays an integral part of the home buying process. Our team of experienced Dallas mortgage professionals would love to assist you on your journey. Contact us today.