Dallas Real Estate Update – Median Price Down 15% Y-o-Y

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From the most recent reports from Trulia and movoto.com, it appears that the housing market in Dallas is still on the sluggish side. The information that Trulia posted was collected from the period from September 5th through September 26th.

A median sales price of $68,923.00 was derived based on 431 sales that took place from June 12th to August 12th. Compared to the same period, in 2011, that price reflects a decrease of 15% or $12,177.00. That should come as no big surprise, since the average price per square foot in the Dallas metro was down by 4.6% or $62.

In the Trulia report, the average listing price for the Dallas area was $510,218.00. On movoto.com’s report, it noted that during the month of September, among the homes listed, there were 828 price decreases and 67 increases.

There was some good news for the “Big D”, considering that compared to one year ago, the number of home sales was up by 16.5%. Also noteworthy is the fact, that as in many of the nation’s other large metro areas, inventory is decreasing. That is according to movoto.com, who reported that the Dallas real estate inventory is down m-o-m by 3%. If the decrease in the number of homes on the market follows the pattern of what has happened in other large cities, Dallas should see a gradual increase in home values. If you’re considering purchasing or refinancing a home in the greater Dallas area, be sure to check current mortgage rates and closing cost information using the mortgage rate tables on ForTheBestRate.com.

Sources: Trulia.com, Movoto.com

Anna Platz is an Editor at ForTheBestRate.com, a leading mortgage rate research website, as well as the Lead Contributor to GoodCentsSavings.com, a blog about budgeting and personal finance. Anna is immersed in the world of real estate, mortgage, and home financing and is here to provide valuable resources for homeowners and soon-to-be-homeowners on buying and selling real estate, researching a mortgage broker or lender, and securing a home loan. Check back often for news, updates, and remember that you can find today's current mortgage rates at ForTheBestRate.com. My Google Profile+

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