Posted by: Hewitt & Habgood Realty Group | December 13, 2018

Dallas Home Sales Dip but Home Prices Up

According to Steve Brown of the Dallas Morning News; home sales are down this year in two-thirds of Dallas area neighborhoods, but prices are still rising in most residential areas. After years of sharp gains in North Texas home sales and soaring prices, 2018 is the year of the housing market shift. Higher interest rates and buyer fatigue are to blame for the slowdown in the Dallas area’s frenetic home market Through the first nine months of 2018, the number of pre-owned home sales is down in more than two dozen of the Dallas-area neighborhoods, but up in the Oak Cliff neighborhoods by 1%-10%.
What does this mean for Oak Cliff and the rest of the market? When you stop and think about it, if the market as a whole is down 1% – 2% from the record breaking year last year, then we are still doing great! We are still seeing properties going under contract in just a few days in some cases, but the length of time a property is staying on the market is getting longer.

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