The North Texas housing market was red hot until last summer, and since then, a downward trend has been widespread and steady. According to the Dallas Morning News, 70 percent of residential areas tracked have seen a decline in home sales over the first three months of 2019 compared to the same timeframe last year.
Median sales prices have also been trending the wrong way recently as well, and nearly a dozen of the areas in the same market report have also seen a drop in sales prices.
As mentioned by the Dallas Morning News, East Dallas, Far North Dallas, Northwest Dallas, and Irving have the most significant year-over-year declines, registering about an 8 percent drop from early 2018.
Also noted was that more Dallas area neighborhoods saw first quarter drops in home sales than any year since 2009, a time that many consider the worst part of the recession.
The good news is that job growth has been steady and many analysts say home sales were be higher is affordable inventory was stronger. It’s estimated that 40 percent of buyers in Texas are renters looking to purchase.