Dallas is getting more good marks for its home market while the national housing sector is still losing ground.
A new report shows that the Dallas area has basically flat home prices and one of the shortest times to sell a house in the country.
Altos Research and Real IQ Market Analysis released the information Tuesday in their latest housing market update.
Dallas had the second-fastest home selling time among the 22 markets the researchers surveyed — 79 days. Only Denver had a shorter average home sales time. Nationally, it takes more than 120 days to sell a house.
To do its comparisons, Altos studies data in local Realtor multiple listing services.
In the last three months, overall listing prices fell 1.6 percent in the national survey. But in the Dallas area, list prices rose 0.7 percent.
Dallas was one of only six markets in Altos’ comparison that had flat or higher home list prices. Asking prices were down in 16 markets.
While Dallas’ home market has outperformed the rest of the country so far in the housing collapse, researchers say it’s too early to say what the impact will be here.
“Our perspective is that Dallas isn’t immune,” said Altos chief executive Michael Simonsen. “It just never rose as much, so it has less distance to fall.”
Another factor has been the strong Texas economy, Mr. Simonsen said.
“That is, Dallas hasn’t felt the pinch of recession yet,” he said. “However, between mortgage illiquidity and a looming recession, housing prices in Dallas are certainly at risk.”
Economist James Gaines with Texas A&M University’s Real Estate Center agrees that the performance of the state’s housing market is riding on job markets.
“The good news is that Texas should be able to avoid most of the big declines and major disruptions — as long as the state’s economy continues as it has,” Dr. Gaines said. “I think 2008 will still be down from 2007 in terms of sales, with prices relatively flat or up slightly."
| Comparisons of cities with the longest and shortage average days on market in February. |
| LONGEST |
|
| Miami |
146 days |
| Detroit |
146 days |
| Minneapolis |
145 days |
| Las Vegas |
136 days |
| SHORTEST |
|
| Denver |
77 days |
| Dallas |
79 days |
| San Diego |
81 days |
| San Francisco |
82 days |
| SOURCE: Altos Research, IQ Market Analysis |