A recent report known as the National Association of Home Builders/First American Improving Markets Index listed 247 U.S. real estate markets as on the upswing, including Dallas—and 19 local Texas home markets in all. According to NAHB, this is about three times the amount of metros that were listed in its index in August of 2012, marking just how strongly the national real estate market has performed, in large part due to great home prices and low interest rates in the Dallas area..
Unfortunately, not all housing markets are faring as well as Dallas. The NAHB report also showed eight metro areas that dropped off the list in July of 2013, but that’s not unexpected, said NAHB Chief Economist David Crowe. “While the number of improving housing markets this August remains well ahead of the same month last year, the index is affected by seasonal softening in home prices just as we saw happen in 2012,” Crowe said. “The metros that fell off the list this month originally qualified with very small home price improvements that have since slipped back.”
What factors into Dallas being listed in the National Improving Markets Index?
As far as how markets are deemed “improving” by the index, several factors having to do both with the local economy and the local real estate economy of a given market are taken into account by the NAHB:
Employment growth figures for a market reported by the Bureau of Labor Statistics
Home value growth and increase in number of single family homes in a market reported by Freddie Mac and the U.S. Census Bureau
Show consistent growth of at least six months across all of these sources and statistics
While it may come as no surprise to Dallas area residents and homeowners, these types of report can help amplify the growth and instills buyer confidence to further support the growth. In this booming real estate market, Dallas and surrounding areas have seen housing and real estate contribute to the overall growth of metroplex economy.
If you’ve given thought about buying or selling a home in Dallas, please feel free to reach out and contact us. Our team of knowledgeable Dallas mortgage professionals are equipped to help you in finding the best Dallas mortgage plan for your unique situation. Call us today, 972-499-0454.
+Patrick Glaros empowers people to find their best home loan option. Through planning and education, and a goal-oriented approach, Patrick and the team at Dallas Mortgage Planners have one common goal: Help clients make an informed decision to choose the best home loan for their unique situation. Find other articles written by Patrick.
