Hello everyone,
The Dallas/Fort Worth (DFW) residential real estate market slowed its torrid pace in September. Demand for housing continues to increase and push pricing higher across the market, demonstrating healthy and sustainable growth.
According to the Monthly MSA Spotlight Housing Report released by The Real Estate Center October 25, 2017 & Metro Depth:
- September 2017 had a total of 8,590 sales vs 8,787 in September 2016, a slight decrease of 2.24% year over year.
- The median home price in September 2017 was $249,900 vs $231,590 in September 2016, an increase of 7.91%, while the median price per square foot also rose from $112 to $121. The average price climbed 4.75% year over year from $286,059 to $299,561. The average price per square foot subsequently rose from $121 to $130.
- Total single-family home inventory rose from 2.4 months’ supply in September 2016 to 2.6 in September 2017. The housing inventory for the U.S. currently stands at 4.2 months’ supply per the National Association of Realtors (NAR). Anything below 6.0 months’ supply is considered a tight market.
- Low inventory is a primary factor contributing to the strong housing market for Dallas. The tight inventory we are seeing today will continue to put upward pressure on home prices well into 2018. By contrast, five years ago the Dallas real estate market had around seven months’ worth of supply, so it’s clearly still a sellers’ market.
Texas Workforce Commission:
- Employment increased in September by 93,600 new jobs year over year, an increase of 2.65% for the DFW MSA.
- Area unemployment decreased in September 2017 to 3.4% from 4.0% in September 2016.
- Over the past five years, the job growth rate for the Dallas/Fort Worth MSA has increased at an average annual rate of 3.0%.
For Texas, McAlister Investment continues to see moderate job growth in 2017 and accelerated growth in 2018. As a result, the Texas metro single-family residential markets are positioned to thrive from pending population growth, job growth and an increase in first time homebuyers.
Should you have any questions, please feel free to contact our office at (713) 535-2250. For more information on our
company, please visit our website at
www.mcalisterinv.com .
Regards,
Paul Connor , Hydie McAlister , Jim McAlister, Sr.
Principals, McAlister Investment Real Estate
and Sharon Beach, Vice President