Dallas housing market experiences recovery

July 25, 2012 by  

Over three quarters of residential districts in the Dallas area are experiencing an increase in housing prices. In some areas of Dallas, prices in the first six months of the year have increased by percentages in the double digits compared to the same period in 2011.

According to D’Ann Petersen, an economist for the Dallas Federal Reserve Bank, the housing market in North Texas is showing strong signs of recovery, with increases in the average sale price of homes. The sales of houses which are pre-owned have fallen in the Dallas area, although prices of pre-owned properties have risen in the North Texas area.

Dallas properties reached their peak in 2007 and fell during the recession but the housing sector is now showing signs of a recovery. A study carried out by the Dallas Morning News across 45 local area housing districts has indicated that property prices and rate of change can vary greatly between neighborhoods.

As the housing market shows an improvement, real estate agents may contemplate using the services of local brochure printers as more homes are put on the market. A local researcher believes that the improvement is due to the low mortgage rates and the improvement in the jobs sector. Builders and realtors are expected to continue to provide positive reports throughout the summer. However, there is still some way to go before the housing sector recovers from the drop in values and lower volumes of sales during the recession. Nevertheless, according to one realtor, multiple offers are being received on properties up for sale, which was rare nine months ago.