It’s been somewhat of a strange housing market in DFW for most of 2019, and even despite lower mortgage rates, homes sales in many Dallas-area neighborhoods have dropped.
In fact, according to the Dallas Morning News, home sales in half of the residential districts they track have declined over the first half of this year, while data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems is showing a 1% dip in sales by real estate agents across the entire area.
One particular problem with our market in particular is tied directly to affordability. Although Dallas remains very affordable compared to many other major markets across the country, rising home prices is proving to make it very difficult for young and first-time buyers to enter the marketplace, especially with affordable inventory down significantly.
As noted by the Dallas Morning News, areas with some of the largest declines in home sales so far in 2019 are Oak Lawn, Far North Dallas, Sunnyvale, and even in some of the more sought-after locations like Frisco, Plano, and McKinney.
On the flip side, areas with stronger inventory and more options on the affordable side of the market have seen pretty impressive gains in home sales this year, including Carrollton, Farmers Branch, and much of Southeast Dallas.