Are Home Prices Slipping?

Again, another article came out of the Dallas Morning News suggesting that the average house price in Dallas is slipping to what it was last month and last year. I’m still not seeing that in the monthly statistics for our cities up here north, Allen, Frisco, Plano, and McKinney. (Click here to see the statistics that we have put together for our northern cities.)

Home affordability is still high with prices flat and interest rates low. That is what will be hard to beat in the coming months and years. To have this combination is very difficult! Our rates are the lowest in history. More people are refinancing which does stabilize the market which lowers their payment in most cases and they can remain in their homes rather than selling and moving down in harder times.

National Association of Home Builders states in their recent study that 72.1 percent of all new and existing homes sold in the third quarter of 2010 were affordable to families earning the national median income of $64,400.

So don't really see prices dropping in our North Dallas area!