Are Dallas home prices rising across the city?
Property buyers often examine several factors when they consider purchasing a new home. For instance, families might check out local schools to review the area's educational facilities. Due diligence plays a significant role in a successful transaction, as property buyers who are well prepared are more likely to be happy with the final results. Those who buy one of the homes for sale in Dallas may enjoy immediate economic benefits from their research.
The Dallas Morning News notes that many Dallas neighborhoods have seen their house prices rise during the first half of 2012. In fact, some property owners saw double-digit increases from the same period last year.
Understanding the elements that might impact a housing market could provide insight into this trend.
What factors are affecting the Dallas real estate market?
According to the news source, home prices have been steadily rebounding in 2012. While the national economy reached a low point in the late 2000s, this city has recovered and expanded its real estate inventory since that time.
"The key factor here is the sharp decline in home inventories," Federal Reserve Bank economist D'Ann Petersen told the news outlet. "Home inventories in North Texas are currently at levels consistent with upward price movements."
In June 2012, the average home price for a North Texas house was $167,500, the news outlet states. There might be valuable opportunities to property buyers, especially in certain neighborhoods in the city.
Areas such as Irving, Mesquite and Oak Cliff are among the leaders in home prices increases in this metro. Meanwhile, Cedar Hill, Grand Prairie and North Dallas neighborhoods have seen marginal rises by comparison.
There could be a variety of factors affecting home prices in specific neighborhoods, including the proximity to businesses. The city's unemployment rate of 6.8 percent in April 2012 was below the national average, and new job openings could help this rate fall further. In fact, the Dallas Business Journal reports that the metro added 237,100 seasonally adjusted nonfarm positions between April 2011 and April 2012, a sign that companies continue to increase their workforces.
"The confluence of good job growth and ultra-low mortgage rates has continued to stimulate both the new and pre-owned housing market this year," Ted Wilson, principal in the Dallas housing research firm Residential Strategies Inc., told the Dallas Morning News.