DALLAS (Dallas Morning News) – December was the seventh consecutive month of lower preowned home sales and the fourth consecutive month that home prices were down from the previous year. Sales were down 5 percent from a year earlier, and prices were 2 percent lower, according to statistics released by the North Texas Real Estate Information System.
At year’s end, nearly 41,600 preowned single-family homes were listed in North Texas, 9 percent more than a year earlier, yet less than a six-month supply, which is considered healthy. The average of 76 days on market was up slightly from 2005.
Some of the largest sales declines in 2006 were in homes priced under $150,000, where buyers were affected more by higher mortgage rates. However, median sales prices, hovering around $150,000, were up about 2 percent during the year.
The number of homes sold for $1 million or more increased 18 percent.
Industry analysts say it is too early to tell whether 2007 will be a better year for the housing market.
"January and February will probably still have some decline — normal cyclicality," said Jim Gaines, research economist with the Real Estate Center. "By March and April, expect an uptick. If not, Dallas may have a rough 2007, but I don't think it will."
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