Dallas Home Price Performance
Today Steve Brown tells us that, even though our home values have taken about a 15% price hit from the highs of 2007, Dallas home prices are projected to remain constant over the next twelve months while they are expected to continue to decrease nationally by 6.6 percent, all this according to yet another home price consultant guru, North Carolina-based Local Price Monitor. At a real estate event last night — so fun, commercial brokers had to dress up in tuxedos and serve the ladies wine — I heard tale upon tale of buyers coming in with low-ball offers. At least one agent said, if you don’t have to sell your house, why would you have it on the market now? Getting back to the North Carolina study: yesterday, Steve quoted the folks at Harvard, who I personally find morbidly doom and gloom in their reports, as saying our home values were back to 1990’s values. (CNN says new home sales in May down a third from 2008 levels.) While today’s report seems to contradict that report, I guess this means it still is not as bad as the 1980’s.
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