As reported in the Dallas Morning News on October 23, some Dallas area home median sales prices have increased over last year. The northwestern area known as Westlake led median price increases as it's average price increased 14% over last year.
Other Dallas area homes enjoying year over year price increases are listed below:
average home prices in Duncanville up 7%;
average home prices in Arlington up 4%;
average home prices in Ellis County up 3%;
average home prices in Garland up 1%;
average home prices in Wylie up 1%;
average home prices in Richardson up 1%
average home prices in Cedar Hill up 1%;
and average home prices in Denton County up 1%.
Savvy home buyers have found the 1-2 punch of interest rates near record lows and the $8,000 tax credit, an irresistable combination.
Speaking of the home buyer tax credit, many hope it is extended. The most recent proposal includes extending it through the first quarter of 2010, and then reducing the $8,000 tax credit by $2,000 increments in each subsequent quarter thereafter. Of course, counting on the government isn't always wise. So if you're in the market but on the fence, get moving. With today's rock bottom interest rates, now is the time to buy!