Report shows Dallas housing market's success is no fluke
While many real estate experts see bright things from the real estate market in Texas, some professionals have expressed doubts about whether the housing market in the state's major cities can sustain their success. However, a recent report from the Federal Reserve Bank of Dallas (Dallas Fed) shows that the Lone Star State is in the midst of an economic boom that could continue for an extended period of time. In fact, this may lead more people to consider the homes for sale in Dallas and other areas of the state.
The Dallas Fed focused on two areas in particular - single-family home sales and residential construction projects - in its report. Take a look at how these two factors could influence the current and future housing market in Dallas.
Single-family home sales
According to the report, single-family house sales appeared to be on "solid footing" throughout the state.
In August 2012, a total of 7,896 single-family houses were purchased in Dallas, The Dallas Morning News reports. This figure represents the largest number of homes sold in this area before the economic recession, which negatively affected many cities and towns in the United States during the late 2000s.
Meanwhile, Dallas' housing inventory has fallen, which is another positive sign for the local economy. The news outlet states that the city currently has less than a 4.5-month supply of homes available to property buyers - the lowest inventory in more than 10 years.
Residential construction projects
The Dallas Fed's report also showed that residential construction has recovered since the economic decline that took place in the late 2000s. The number of building permits for single-family houses is on an annualized pace of 21 percent through July 2012, and multifamily permits have increased at an even faster rate. Additionally, residential construction across the state rose 25 percent between July 2011 and July 2012.
In 2010, Dallas had 516,639 households, the U.S. Census Bureau reports. This figure is about 5 percent of the total number of households in the Lone Star State, and could rise quickly thanks to the improving economy.
Those who consider the housing options available in Dallas may be able to embrace the opportunities available in this area.