Most North Texas neighborhoods saw modest home price growth during the first nine months of 2007, according to the latest data from the North Texas Real Estate Information System.
Median sales prices for existing homes are up an average of 1 percent so far this year. However, prices soared in some areas, including North Dallas, where sales prices are up 21 percent this year.
The biggest declines have been in Coppell, where listings are low, and Westlake, which has almost an eight-month supply of houses on the market. Citywide, there’s about a 6.5-month supply of preowned homes for sale.
According to Dr. James Gaines, a research economist with the Real Estate Center at Texas A&M University, the local housing market may have slowed, but the market is still relatively strong.
“The economy is still doing well, employment is still growing, there are people moving to the D-FW area in fairly large numbers,” Gaines said. “And there is plenty of mortgage money available, but not under the ridiculously easy standards of the past several years.”
Source: Dallas Morning News