Dallas offers good affordable housing opportunities as well as great schools and new strong job opportunities by big headquarters in Dallas area. Most of the Real Estate Investors started to look at Dallas areas according to The Dallas Morning News recently Memphis investors just bought two more apartment communities in the area which shows the bright real estate investment opportunities in Dallas.
The Dallas Morning News just mentioned that Dallas-area home prices are still ahead of where they were a year ago, but the rate of increase has dwindled from earlier in 2010.
In June, home prices in Dallas area were up just 1.2 percent from a year ago, according to the latest Standard & Poor’s/Case-Shiller Home Price Index.
That’s a fraction of the more than 4 percent year-over-year gain the area saw in January.
And the Dallas area’s June increase was much less than the 4.2 percent nationwide gain, Case-Shiller found.
“We’ve been saying all along that we think the second half of the year will not look good – maybe even worse than it really is,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University.
Analysts say the housing sector recovery around the country has lost steam since federal buying incentives ran out a few months ago.
“The homebuyers’ tax credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak,” S&P’s David Blitzer said in the report. “Even with concerns about near-term developments, we recognize that the housing market is in better shape than this time last year.”
In June 2009, Dallas-area home prices were down 2.2 percent from a year earlier in the Case-Shiller index.
But the rate of price growth in North Texas has declined sharply. In May, prices were up 2.9 percent, and they rose 3 percent year-over-year in April.
Homes sold through Texas real estate agents’ multiple listing service MLS have seen a 1 percent increases in prices so far in 2010.
Despite the modest gains, Dallas-area home prices are still down about 4 percent from their peak in the June 2007 Case-Shiller index. Nationwide prices are down 28 percent.
While residential appreciation may be slowing, don’t look for another significant drop in values, said housing analyst David Brown with Metrostudy Inc. which is a good news for most of the home owners.
It’s also important to keep an eye on Dallas foreclosures, which continue to put sliding pressure on prices, market observers say.
“If postings begin to abate toward year end, that would likely signal strengthening of housing prices,” said Ted Wilson with Dallas-based Residential Strategies. “On the contrary, if they continue to accelerate, it would add to housing inventory.”
Having a crystal ball may help these days unfortunately it is hard to say what will happen soon. We are just hoping for the best for the entire nation as well as Dallas Real Estate.