Collapse in Dallas-Fort Worth home sales worse than Great Recession

DALLAS — This story originally appeared in the Dallas Business Journal, a WFAA news partner. 

The downturn in home sales in Dallas-Fort Worth exceeds the collapse in sales experienced during the worst of the Great Recession, according to just-released figures from North Texas Real Estate Information Services.

Closed home sales in October were down 37% in Dallas and Collin counties and 32% in Tarrant County compared to the same time last year, according to the latest figures from NTREIS based on Multiple Listing Services data.

During the worst impact of the Great Recession on North Texas’ housing market, from 2008 to 2009, closed sales dropped 23% in Dallas County, 26% in Tarrant County and 10% in Collin County year over year, from peak to trough.

“It’s just crazy,” Danny Perez, managing director of DFW-based M&D Real Estate, said in an interview this morning. “The numbers are worse than the 2008-2009 drops, which is where we saw the biggest drop in closed sales in the Great Recession. We’ve had a 37% drop in one year, so, we are seeing nearly double what we saw in the Great Recession.”

Read Entire Article Here: