Texas realtors have been selling off lots in the Dallas area and Houston to raise money for Hurricane Harvey relief efforts.
Now, they’re selling off properties in Austin as well, as Houston’s real estate markets are on the brink of a complete meltdown.
We’re seeing more and more properties in Dallas being sold off.
So we are seeing more lots in Dallas that are being sold and there’s been quite a bit of inventory going on,” said Robert Pritchard, a Dallas real estate agent.
In a rare interview, Pritchet said some properties in the area are selling for $1 million or more.
He says that makes them less affordable to renters and businesses, which means more people are looking for rentals in Austin.”
There’s a lot of empty lots in Austin and in the rest of the Dallas-Fort Worth metro area that’s going for more than $1,000, $2,000 to $3,000 a square foot,” he said.
Pritchard says the prices of some properties have gone up in recent months, but he says that’s just a trend.”
We see lots of lots going for a lot more than they were going for last year and that’s what’s happening in Dallas,” he added.
There are also signs that the housing market in Dallas is turning in a direction of complete collapse.
According to real estate data company CoreLogic, Dallas was the only major Texas city where median home prices were declining in August, while Austin was the next best performing city.
In the Bay Area, home prices are down 15% from a year ago.
In the Bay area, median home price declined in August from a season ago to $847,800.
In Houston, median price dropped 10% in August to $5,700, a 25% drop from a month ago.
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