By Heath Olinger
It’s summer in Dallas and temperatures have exceed the 100 degree mark on a daily basis but even though mortgage interest rates are still historically low does the hot weather mean that the Real Estte market has stayed hot as well?
Not so much…
Sadly, home sales in many Dallas neighborhoods are actually down this year, ending several years of booming home sales.
What’s Happening With Dallas Real Estate?
While house sales are slowing in many areas, prices continued to rise in the first half of 2018 — albeit at a smaller rate than in recent years.
Median home sales prices are up this year in all but a handful of neighborhoods, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Some of the biggest price increases are in affordable residential areas including Irving, Oak Cliff, southeast Dallas, DeSoto, Cedar Hill and The Colony where there is strong demand for homes from both first-time buyers and investors. Median prices in those areas are up by double-digit percentages from the first half of 2017.
Most of the slowdown is concentrated in higher-priced neighborhoods that have already seen high sales volume and big price hikes in recent years.
“We have some buyer fatigue starting to show up,” said Ruben Gonzalez, chief economist with the home sales firm Keller Williams. “People on the upper end especially are starting to bump up on the budget ceiling.
“They are going to be more particular than they were two or three years ago when the market was on fire,” Gonzalez said.
Home sales in the Dallas-area are down about 1 percent so far in 2018 from record levels last year. The biggest declines have come in two of the area’s most expensive markets: Colleyville, down 18 percent from the first half of 2017, and North Dallas, down 13 percent.
Search For Homes in Dallas
Home sales are down in Dallas this summer, this means that it’s a great time for buyers! To search for homes contact me at (972) 523-1389 or click here to connect with me online.