WHAT HOMEBUYERS SHOULD KNOW IN A SELLER’S MARKET
During the past several months, we’ve been writing about huge housing demand in a limited-supply market. This has been driving up housing prices to unprecedented heights, especially in North Texas.
MORE HOUSING SUPPLY IN TEXAS: IT’S ON ITS WAY
For months, it seems as though we’ve been talking about housing supply and demand, not only in the Dallas-Fort Worth area, but also throughout the state of Texas. Specifically, while housing demand has been ramping up, single-family supply hasn’t been keeping pace. We’ve listed the reasons for this gap; they range from lack of labor, to municipal zoning restrictions.
HOUSING METRICS IN NORTH TEXAS – NO SURPRISES HERE
Just when you think housing prices in North Texas can’t get any higher or break any more records, another article comes out in the Dallas Morning News indicating just the opposite. Specifically, the article in question pointed out that, for April 2017, home prices continued to climb ($246,100, a 12% increase year over year), setting another record1.
AN OVERNIGHT SUCCESS . . . DECADES IN THE MAKING
The majority of the Dallas-Fort Worth media reported the recent news that Boeing would be locating the headquarters for its newly formed global services division in Plano’s Legacy West development, a 250-acre, mixed-use project at Dallas North Tollway and State Highway 1211. It’s safe to say that the local media crowed the news for a couple of reasons.
Texas Jobs Numbers
This year marks the 10th anniversary of the start of the last recession. A decade ago, our economy was headed toward an economic meltdown that would eventually be dubbed the “Great Recession” because of its severity. According to the Bureau of Labor Statistics, the economy lost approximately 8.8 million jobs, while the gross domestic product (GDP) contracted by a whopping 5.1%1.
Dallas-Fort Worth is, once again, breaking a few records when it comes to home sales. According to a recent article in the Dallas Morning News, home sales in August 2016 soared, after dipping in July. Furthermore, housing prices increased, while inventory continued low. The article then went on to say that, according to James Gaines, who is chief economist with the Real Estate Center at Texas A&M University, 2016 could end up a record year for housing transactions.
The inevitable question, of course, is whether this state of affairs can continue.