Buyers in Dallas purchasing high-end homes

Reports say that more buyers in the Dallas area are moving into the region's more expensive homes.

Experts say that reported home sales declines in October were expected given the absence of the homebuying tax incentive, but they told the Dallas Morning News that the credit's expiration also means that buyers are now moving into more expensive homes today. That has helped to inflate the region's median home price, which was $146,000 in October, up 3 percent from a year earlier, according to the the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Average sales prices for homes in Dallas' Park Cities neighborhood increased more than 17 percent in October to about $1 million, said the report. Additionally, sales for the city's most expensive homes are up 20 percent from year-ago levels.

"We have seen a significant increase in homes sold over $500,000," Alex Perriello, CEO of Realogy Franchise Real Estate Group, told the paper. "The smart money is calling a bottom to prices right now," he said, adding that many buyers were moving into high-end homes by paying cash.

A growing number of local residents have also been moving into upscale apartments. A report earlier this fall from the Dallas Morning News said that apartment developers are stepping up construction of luxury apartments to meet rising demand.
 

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