Dallas Housing Market to Rebound in 2010
This morning Steve Brown of the Dallas Morning News gave a detailed report of the local housing market, noting that Dallas is poised for a bounce-back in 2010. What makes him think so? Here is a quick overview of his data:
- Sales of pre-owned homes have increased significantly from year-ago numbers
- Home price declines have slowed and almost stopped
- Median home prices have inched up from their bottom in February
- North Texas housing inventory has fallen to the lowest level since 2007
- Home buyer demand is up, which will lead to more building starts in 2010
Brown reports that foreclosures are “unlikely to ease” in 2010. George Roddy, president of Foreclosure Listing Service, commented that even when the economy rebounds in North Texas, the foreclosure market will lag.
Nonetheless, economist David Berson of the PMI Group remains confident: “We expect the Texas economy to perform better than the national average over the next year.”
For further details, visit dallasnews.com.
