While neighborhoods with large numbers of expensive homes and low foreclosure rates posted a general increase in home prices last year, many areas dominated by low- and moderate-priced housing and high foreclosures had price declines.
According to statistics from the North Texas Real Estate Information Systems, most of the neighborhoods that saw median home sales price declines last year are in the southern and far eastern sections of the city.
The biggest price gains were in north Dallas, up 18 percent in 2007 from 2006, and the Park Cities, up 13 percent.
Homes costing $1 million or more sold well in 2007, with a 16 percent increase areawide. Sales of moderate- and low-priced houses were down.
North Texas had an overall 8 percent decline in sales of preowned homes last year. Sales dropped in all but five of the markets tracked by Dallas Morning News.
Source: Dallas Morning News