Dallas once vibrant housing market is sputtering, reports today’s edition of the Wall Street Journal.
The paper reports builders in Frisco’s high-end neighborhoods are cutting new-home prices by up to $150,000. Earlier this month, one street had $4 million worth of unoccupied new homes.
Even though the economy in Dallas has boomed, home prices have grown much faster than wages, and buyers have been straining to afford homes, reported the Journal.
We have this huge affordability crisis, said Ted Wilson, principal at local consulting firm Residential Strategies. With mortgage rates going higher, we’re hitting a ceiling.
New and existing home sales in Dallas Fort Worth fell 3.6 percent year over year in October, according to Real Estate Center data. Meanwhile, median home price growth slowed to less than half the pace of a year ago.
To find out what this fluctuating market means for you and your home investment, contact The Indigo Skye Group
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