COLLEGE STATION (Real Estate Center) – Home prices increased in the Dallas metropolitan market in 2010, even the prices of distressed homes, according to recent Real Estate Center research.
Center researchers found that homes sold by “typical” or “nondistressed” owners in 2010 were 1.2 percent higher, on a per-square-foot basis, than in 2009. The research also revealed that homes sold by “distressed” owners increased by 2.51 percent in 2010.
As part of a major research effort, the Center combed through more than 500,000 sales records from 2003 to 2010 (51,593 in 2009 and 46,315 in 2010) in the North Texas Real Estate Information System (NTREIS) database to get a more precise view of what has been happening to “typical” and “distressed” home prices in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA).
The data included all distressed sales reported by NTREIS between $50,000 and $1 million during the eight-year period and all nondistressed sales between $75,000 and $1 million. Distressed sales ranged from a low of 5.7 percent of all sales in 2003 to 16.3 percent of all sales in 2010. In general, a non-distressed sale was sold by an individual and a distressed sale was sold by a financial institution or intermediary.