News
House prices up 3.76% in Dallas
Friday 23 May 2008
The price of properties in some areas of the US is still on the increase, according to a new nationwide report.
Statistics from the Office of Federal Housing Enterprise Oversight showed that property in the Dallas area rose by 3.76 per cent in the first quarter of 2008 compared to the same period of 2007.
Prices were up 0.98 per cent on the last quarter of 2007 and in Fort Worth they were up 2.59 per cent compared to figures for 2007.
Dr James Gaines, an economist with Texas A&M University's Real Estate Centre, suggested that a reduction in the number of houses on the market awaiting sale has caused prices to rise.
Houses that remain on the market unsold are described by Dr Gaines as "housing inventory". Dr Gaines said: "Falling inventory [in the Dallas Fort Worth market] is a major plus."
Federal analysts said that with a 7.7 per cent increase in property prices, Austin had the fourth-highest annual price increase in the country.
Statistics from the Office of Federal Housing Enterprise Oversight showed that property in the Dallas area rose by 3.76 per cent in the first quarter of 2008 compared to the same period of 2007.
Prices were up 0.98 per cent on the last quarter of 2007 and in Fort Worth they were up 2.59 per cent compared to figures for 2007.
Dr James Gaines, an economist with Texas A&M University's Real Estate Centre, suggested that a reduction in the number of houses on the market awaiting sale has caused prices to rise.
Houses that remain on the market unsold are described by Dr Gaines as "housing inventory". Dr Gaines said: "Falling inventory [in the Dallas Fort Worth market] is a major plus."
Federal analysts said that with a 7.7 per cent increase in property prices, Austin had the fourth-highest annual price increase in the country.
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