Jim Gaines, an economist with the center, says that “Last year was the second-best year ever in the state of Texas for home sales volume,” adding that, “It was second only to 2006, which was at the height of the housing boom and all the easy financing. And 2013 wasn’t that far off from that. This is going to become the new second-best year ever. We are having a really terrific year.” The report goes on to say that 217,690 homes had been sold in Texas as of the end of September, which is a 1% gain over last year’s booming numbers.
Gaines attributes the record sales to “a slowdown in the rate of increase,” with 2013 sales jumping 16% over 2012, but 2014’s numbers increasing only slightly over the previous year’s. “There’s been a step-up in prices the last five years,” Gaines explains, “and we’re still seeing that step up. But the rise of the step isn’t quite as high.” Home prices conform to the trending rate increases.
Steve Fithian, an agent with Sperry Van Ness/Visions Commercial has brokered quite a few deals in the DFW area during 2014, most notably a long-vacant Blockbuster Video building and a small office complex in central Dallas. According to Fithian, sales like this indicate that “The economic recovery is apparent in DFW, Job opportunities are expanding, industries are growing,” states Fithian, “and the real estate market is heating up. Considering where things were five years ago, it’s exciting to see how healthy the real estate market is becoming.”
Real Estate power site Zillow has predicted that homes in the DFW area will rise 4.4% by the end of 2014. The median home value is up 6.1% over a year ago, with median prices sitting at $148,000. Zillow confirms that these increases have placed the DFW housing market squarely within pre-2007-2010 recession levels.