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According to the latest monthly report, the median price of pre-owned Dallas homes sold were up 2 percent compared to December 2008. While the number of homes that sold in December decreased slightly, most attribute it's cause to the previous, original government tax refund that expired November 30th.
The new tax refund deadline has been extended to April 30th - you must sign a contract by that date and close by June 30th.
The new refund also has been expanded to now reach upper income buyers, and home owners that have lived in the same home for 5 years can get up to $6,500. Singles with modified adjusted gross incomes of up to $145,000 can qualify although phase-outs begin at $125,000. For couples filing jointly, the credit begins phasing out at $225,000 and modified adjusted gross incomes above $245,000 do not qualify.
New home construction in Dallas-Fort Worth rose almost 10% when compared to 2008. This is the first increase in new home construction in DFW in almost three years. The majority of the new homes are retailing in the $150,000 to $200,000 price range.
That means there is about a 6.5 month supply of new homes in DFW. Pre-owned homes in Dallas/Fort Worth listed with reators® is at a 5.6 month supply. Six months is considered healthy. Also, activity seems to be picking up dramatically according to others I've talked to in the local real estate industry. The April 30 government tax refund deadline should make for a busy 2010 winter and spring.
Great article and good to hear some encouraging news.
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