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After slogging through two years of decline, the North Texas housing market is headed for a rebound in 2010. The only question, analysts say, is how strong the bounce-back will be. And that depends on the economy, of course.
"Any sustained turnaround in sales and construction activity will definitely depend on the economy and job growth," said D'Ann Petersen, a business economist at the Federal Reserve Bank of Dallas.
Petersen said there are signals that the worst is over for the Dallas-Fort Worth housing market. Next year will look better for builders and buyers.
During the last two months, sales of pre-owned homes have increased significantly from year-ago numbers, and price declines have slowed. At the same time, the number of homes for sale in North Texas has fallen to the lowest level in more than two years.
Given the demand from homebuyers, builders will have to start more houses in 2010, said David Brown, an analyst with Metrostudy.
"There now is currently less than a six-month supply of homes priced under $250,000 and just over a six-month supply of homes priced between $250,000 and $500,000," Brown said.
Builders started only about 13,000 homes this year in North Texas the smallest production volume in almost two decades.
Ted Wilson of Residential Strategies Inc. is projecting about 15,000 home starts in the DFW area next year. [Dallas Morning News]
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