The Dallas – Ft. Worth Real Estate market has mirrored (or exceeded) the real estate market of the rest of the U.S. in 1998. Nationally, existing home sales were up 13.5 %, to 4.78 million homes and new home construction was up 9.6 %, to 1.62 million homes. Existing home sales rode low mortgage rates and a positive market to its best year on record. With interest rates below 7 % since mid June 1998, and unemployment at 4.5%, the lowest in 29 years, and the strong stock market, first time homebuyers have been in a solid position to buy, while existing homeowners are looking to ‘move up’.
Homeownership hit an all time – 66.3% for 1998. Inventories of existing homes are generally low in most areas of Dallas – Ft. Worth and the average number of days on the market is decreasing. This has lead to a noticeable increase in the price of homes. The median prices of homes have increased approximately 13 % for 1997 and 5 % for 1998. The average price increase 7 % in 1997 and 3 % in 1998. (Please remember that these numbers are for the entire Dallas – Ft. Worth market.The rapid growth areas of the northern corridor experienced much greater growth. Average prices increased from 5-15 % depending on the area. Particularly high increases were seen in the Coppell/Valley Ranch and Southlake areas.)
So is it too late to buy? Absolutely not!! The real estate market is expected to continue its present ‘hot’ market through 1999 and beyond. The Dallas – Ft. Worth area, with its diverse background in high technology industries, service industries, its entrepreneurial spirit and being one of the hottest relocation destinations in the United States, should continue its present course into the foreseeable future.