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Searing North Texas Housing Market Cools in May


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Prudential Texas Properties reports the North Texas housing market, which has experienced a blistering pace in home sales and appreciation rates over the last year, is cooling slightly with a small decrease in home sales and a continuing, but slower rate of home appreciation.

Dallas, TX (PRWEB) June 26, 2014

The North Texas housing market has been one of the most exciting markets to watch in the nation over the last year as the region has seen incredible rates of appreciation and home sales, even amid a sluggish national economy. While this year is shaping up to be yet another good one for Dallas-Fort Worth, Prudential Texas Properties reports that gains may not be as significant as yearly home sales have decreased slightly and home appreciation rates are still on their way up.

Prudential Texas Properties, citing data from housing analyst Metrostudy, Inc., reports that home sales in the Dallas-Fort Worth region have fallen 1 percent from a year earlier. Last year was a period of tremendous growth for the region as May 2013 notched a 23 percent increase in sales of pre-owned homes in the area while home prices were rising by rates in the double digits consistently all year long.

Prices of Dallas-Fort Worth homes continue to rise, however the rate has slowed to a single-digit 6 percent. This slip in housing data isnt expected to harm the local housing market in any way as many experts are still expecting prices to keep climbing.

We had a very good year last year, almost too good, says DD Flynn, VP of Marketing at Prudential Texas Properties. This market is still very strong and I think we can expect to see prices continue on their way up and though sales may not be stronger or even as strong as last year, I think the market has the power to sustain itself and continue to thrive.

According to Altos Research, a California-based real estate analytics company, the median price for a single-family home in Fort Worth is $167,410 as of June 20. This value has been on a steady increase since mid-January and looks to be primed to continue on this trend for the foreseeable future.

Click here for a 60-second Fort Worth home market update.

©2014 BRER Affiliates LLC. An independently owned and operated broker member of BRER Affiliates, LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Prudential Texas Properties is an independently owned and operated member of BRER Affiliates LLC. Equal Housing Opportunity.

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