Real estate reporter Steve Brown provides a nice recap of the 2014 D-FW real estate market in today’s Dallas Morning News.
According to Brown, North Texas real estate agents sold a record number of houses in 2014 and a jump in fourth-quarter home starts made last year the best year for home construction in the Dallas-Fort Worth area since the recession.
A year-end surge in home purchases and construction was prompted by lower mortgage rates and economic expansion in Dallas-Fort Worth, housing analysts say.
More than 90,000 pre-owned single-family homes changed hands last year in North Texas — a 1 percent increase in over 2013. North Texas home sales in 2014 were about 5 percent higher than in 2006, before the recession. And sales have grown more than 40 percent since 2010.
Home purchases in December through the Multiple Listing Service were particularly robust — 12 percent higher than a year earlier. Sales prices were 11 percent ahead of December 2013, with a median of $193,940.
At the end of the year, median home sales prices in North Texas were almost 40 percent above where they were in early 2010, when the recession reduced residential values.
Housing analysts and real estate agents say that recent declines in home finance costs helped boost sales in the final months of 2014.
Longtime Ebby agent Barry Hoffer says falling mortgage costs have definitely caught buyers’ attention.
“With the recent announcement from the Federal Reserve that rates may be going back up, buyers who had been considering a home have been taking action,” said Hoffer in the DMN article. “They hate to pay more interest if they don’t have to.”
Hoffer pointed out that sales would be even higher if there were more houses on the market. December’s inventory of homes for sale was the smallest number in more than a decade — 14 percent fewer than in December 2013.
Of course, all real estate is local. To learn more about your neighborhood of interest or the current value of your D-FW home, contact an Ebby Associate today. To get started, visit the award-winning ebby.com.