DFW’s single-family market a big advantage

DALLAS-FORT WORTH – DFW’s single-family housing market is vital to the DFW economy. Chuck Dannis with D Magazine recently pointed out several reasons why:

1. DFW is estimated to have a 2013 that will break all records, with approximately $28.5 billion in sales of single-family homes, townhomes, and condominiums. That represents a total of almost 119,000 sales for an average price of $225,000. To put this figure in perspective, DFW sales represent 42 percent of the total estimate for the entire state.

2. This $28.5 billion in residential sales generate approximately $1.7 billion in commissions.

3. Assuming around 70 percent of the $28.5 billion in sales is financed, almost $20 billion in loans will be made (about 83,000 loans in all). That means 83,000 appraisals, inspections, attorneys, mortgage points, and title policies all contributing to the economy.

4. What might even be more important to our local economy is the affordability of the DFW housing market. During the past 30 years, existing home prices have averaged an increase of about 3.5 percent to 4 percent per year — median household income increased at almost the identical rate. Housing affordability will continue to be one of the many factors that attract companies and their employees to the DFW region.