Jul 14, 2015
Demand is up. Prices are up. There aren't enough available homes to purchase and that isn't changing any time soon.
Why you ask?
The incredibly robust north Texas economy is bringing more than 120,000 jobs a year to our area. Meanwhile, we're building about 25,000 new homes and about 30-35,000 new apartments a year. Right now there are 14 new high rise apartments being built in Dallas. Home builders haven't come back strong enough since the recession because the of lending requirements amongst other things. So our housing shortage may be very long term.
Dallas leads the country in home price increases this year. We expect to see that eventually slow as interest rates increase and because incomes simply aren't increasing that fast.
While soaring prices are not a sustainable pattern, experts don't expect another bubble/burst scenario. Homebuyers are not over-extended like they were 10 years ago and there is no excess of available housing in Dallas.