Over the past several years the Dallas housing market has seen a massive boom that has led the nation in housing market growth. With the new and expanding businesses in the DFW area there seems to be no slowing the demand for housing. The recent boom has been especially great for sellers. Many have experienced selling their home before it was officially on the market. Buyers have been finding that a lack of inventory is leading to a longer and harder search for that perfect home. While the housing boom is still in full swing some analysts think that the drop in oil prices might have a negative impact on the Dallas/Fort Worth housing market. Last summer oil prices were over $100 a barrel and have recently dropped to less than $50. While this is good news for most consumers others point to past cycles when big drops in oil prices have had negative impact on both employment and the housing market.
Other analysts say that the housing market is strong enough to withstand a short lived drop in oil prices. “Of course, the recent decline in oil price and the energy sector could start putting some brakes on the rate of increase even further, said James Gaines, an economist at the Real Estate Center at Texas A&M University. We are expecting home prices to continue to increase in 2015, but at a distinctly slower rate than the past couple of years.” Analysts split over whether oil plunge will hammer Texas’ housing market | Dallas Morning News
Some experts in the Dallas area point out that the housing boom has resulted in DFW homes being overvalued and that the drop in oil prices may be a good thing. Whether or not the dip in oil prices lasts it seems that the change could bring some welcome good news for the eager house hunters in DFW.