Altos Says Dallas Home Prices Fell 2% From August
Steve Brown reports that home sales increased fractionally, yes, thanks to the now-extended and expanded First-time home buyer credit. Which gives us hope for the future, but only for homes up to $800,000, which should be plentiful in our market. Credit is still tight, tighter, in fact, than ever. Don’t think it’s Miller Time yet. Checking the Altos Real Time Housing Market Update, Dallas prices actually decreased 2% from August, though our inventory continued to decrease as well, by 7.4%. Here’s the Altos recap:
“The 10-City Composite Index was down 0.4% during October and 0.9% for the most recent three-month period. The Index started the year in January at $470,017 and reached $509,030 in July before falling to $501,377 in October. The downturn would likely have been worse were it not for historically low mortgage rates and the federal government’s $8,000 first-time home buyer tax credit which is likely to be renewed in some form. Listing prices fell in 23 of 26 markets during October. The largest monthly decline occurred in Salt Lake City with asking prices down by 3.3%. Prices fell by more than two percent in Phoenix and Los Angeles. The rate of decline has slowed in Las Vegas but that market continues to show the largest decline during the downturn. In October, 2007, the median asking price was $354,347 but fell to $169,958 in October, 2009 – a drop of over 52%. Asking prices increased in just 3 of 26 markets. Prices rose at the fastest rate in the Bay Area markets of San Francisco and San Jose which experienced increases of 1.1% and 1.0% respectively. Prices in the Miami market were effectively flat with an increase of just 0.3%.
The Altos 10-City Composite presents the most current perspective on housing market conditions across the country. The Composite median price fell by 0.4% in October 2009.”
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Very interesting news about the Dallas market. I think we’ll all be keeping an eye on it as news of the tax credit extension settles into people’s minds.
Here’s some more data about the Dallas real estate market:
Dallas Market Statistics