Dallas, TX (PRWEB) December 23, 2013
Prudential Texas Properties reports that with the numbers in on North Texas home sales volume and prices for the month of November, buyers are finally seeing a bit more affordability than what has been present through much of the searing-hot market activity that has defined 2013. Furthermore, economists are saying that a good amount of these value declines are simply a seasonal symptom, and therefore should not be looked at as a long-term indicator of market activity for those interested in investing in Dallas homes for sale; but they do present some enticing savings for those looking to home-shop during the holidays.
The Dallas Morning News reported on December 11 that the year-over-year number of 5,960 North Texas homes that sold for the month of November 2013 was up just 4 percent over November of 2012. This marked the lowest year-over-year uptick in sales volume for the area since early 2011, according to the article. Meanwhile, California-based real estate analytics tracker Altos Research saw the median list price on Dallas homes for sale at $ 315,950 for the week of December 16, which marked the lowest seven-day average for the area since between March and April. Weve been expecting things to slow down, Dr. James Gaines of the Real Estate Center at Texas A&M University told the publication. Some is seasonal, but the year-over-year numbers are a little lower than I thought theyd be.
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So what does this mean for those willing to brave the market in late December? The answer would appear to be big potential savings. After all, the current median list price is down from an all-time high of about $ 350,000 when the market peaked at the beginning of July, and before mortgage rates started rising. Ever since, its been moving slowly but somewhat steadily downward. But its the forecast temporary nature of this trend that makes it appealing and not worrisome to both economists and North Texas home buyers. After all, despite the average Dallas home being down about $ 35,000 in value from the markets peak, this number of $ 315,950 is still up about $ 50,000 on average from where the year started, and major polls such as the monthly-updated REALTORS