Dallas had a great year in real estate in 2012, and we believe that 2013 will continue to get better. We are seeing prices continue to increase, as well as housing inventories to remain at the lowest in 10 years!
“As long as the local economy holds up, I think the housing market will continue to improve,” said D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas. “The very low level of new and existing home inventories should give rise to prices as well.”
Prices of pre owned homes are 8% higher this year, and it’s also been good news for home sellers with sales up 17%.
“I just upped my forecast for 2012; I think it’s going to end a little bit better than I originally thought,” said James Gaines, an economist with the Real Estate Center at Texas A&M University. “I think 2013 for Texas is looking pretty good.