Dallas home sales are on a slide when it comes to homes in more expensive neighborhoods. A recent report showed that expensive homes in Dallas and surrounding areas are seeing a significant decline in home purchases, according to a recent report.
"The largest decreases in sales came in high-priced neighborhoods in Colleyville (-30%), the Park Cities (-28%), Fairview (-26%) and Northeast Dallas including Lake Highlands (-20%)," according to National Mortgage News.
"Median sales prices were $400,000 and more in each of these neighborhoods that saw the most significant first-quarter declines, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems."
The dip in sales is translating to a slow in appreciation in higher end homes. As a result, buyers are looking for lower price points and according to the report, housing analysts have seen buyers turning toward smaller home purchases.
Buyers are being much wiser in their choices and that has driven the competition in the under $250,000 market even more. Competition in that market was already heavy and now buyers will find it much more difficult.
To learn more about the slow in sales for high-end homes in the Dallas area, click on the image above.