How about this, the dow hit 1997 levels, and so did sales of existing homes. Sales dropped 5.3% percent in January. This follows a surprise increase in December sales, which were most likely prompted by people taking advantage of low prices. Aside from the normal routine of school starting back and the holidays ending, the January drop appears to be attributable to caution arising from stimulus talk. More buyers are waiting to see what incentives and impacts any legislative initiatives will have on the market.
Median home prices have also fallen to about $170,000. This is down about 26% from the July 2006 high of about $230,000, and down 15% from the 2008 median price of about 200,000. It’s not all bad though; there has been a drop in the number of homes on the market indicating reluctance to sell. Any reductions in market size should put some upward pressure on overall market prices.
There is some good news for Dallas Fort Worth home owners though. Our metro area has held up better than all others except one; Denver. In the same time that nation has seen about a 15% decline in value, DFW has only seen a 4.3% drop.
