Survey: Dallas-Fort Worth home prices flat in 2Q

If you’re looking for a glimmer of hope in the Dallas-Fort Worth home market, the latest industry survey provides one.

D-FW home sales prices were basically flat in the second quarter after a long string of declines, according to the National Association of Realtors’ closely watched nationwide survey.

The median price of homes sold in North Texas was down just 0.2 percent from a year earlier in the Realtors’ second-quarter survey released Wednesday.

Nationwide, home prices fell by a record 15.6 percent during the same period.

“The sharpest price declines continue to be concentrated in metros with high levels of foreclosures, including areas in California, Florida, Arizona and Nevada, where distressed homes comprise many of the transactions,” Realtor economist Lawrence Yun said in the report.

The D-FW price drop, the smallest in more than a year, follows a drop of close to 5 percent in the first-quarter Realtors’ report.

Texas cities fared better than many others, with median home sale prices up 2.6 percent in Houston and up 11 percent in Beaumont-Port Arthur.

The Realtors’ report reaffirms other recent housing industry data that suggest the North Texas home market is flattening.

“We are beginning to see some more positive trends in the housing market, which is great news,” said David Brown, who heads the Dallas office of housing analyst Metrostudy Inc.

“Although it is a short trend, both the new home and resale closings during the last quarter suggest the market is bottoming out in sales volume.

“If the current sales trend holds and inventory continues to fall through the remainder of this year, it will become clearer that we are at the bottom in the market.”

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By STEVE BROWN / The Dallas Morning News

For more information about foreclosures and short sales in Dallas, please visit the website at www.DFWForeclosureGroup.com or call 214-365-6500 or email Info@DFWForeclosureGroup.com.