Red Reduced Price Burst Sign

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Dallas: 1 Of The Top 10 Housing Slowdown Markets

December 10, 2018
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When it comes to the North Texas housing market, my late father who used to dabble in real estate used to say, "what comes up, must come down." Three years ago, he predicted such would happen here, and it's begun. 

The Dallas Morning News reports a new report by Realtor.com reveals Dallas as one of the Top 10 cities hit hardest by the housing slowdown.

Details of the report include, "In the last few months, the real estate market has actually begun slowing down--including in some of the big cities that have been leading the go-go post-recession housing boom."

When it comes to many of the higher-priced housing markets, Len Kiefer, Deputy Chief Economist for Freddie Mac, told Realtor.com, "Prices have risen so high in some of these markets that it's very tough from an affordability perspective [for buyers]. ... It's not surprising to me that we're seeing a little bit of a leveling off."

In North Texas, median home prices are still up around 5% this year compared to last. However slight, Realtor.com reports list prices for houses in the Dallas area are down 1.4% from a year ago and available inventory has grown 15%. 

Taking into consideration most North Texans do not receive a 10% pay raise each year, the 10% house price increases over the past 4 years, have come to an end. 

Recently I looked at a 3 bed, 2 bath, 1800sq.ft. house in comfortable neighborhood and it's price had been reduced from $275,000 to $250,000, in a period of 60 days. Just one sign of what could be ahead.

North Texas house worth reality is beginning to show.