DALLAS (Dallas Morning News) – While U.S. existing-home prices fell 3.2 percent in second quarter 2007, the local market saw a 1.6 percent gain.
According to Standard & Poor's quarterly housing index, which surveys 20 cities, Dallas was one of only five markets in the country with price gains.
Housing analysts say North Texas avoided the overheated home prices that became common in other parts of the country. The median home price in June nationally was $230,100. In the Dallas–Fort Worth area, it was $150,000.
Still, North Texas has one of the highest home foreclosure rates in the country, and analysts say it is vulnerable to the home-lending fallout.
"The big risk is if we have any kind of economic slowdown or recession, if we start having job losses on top of the mortgage problems," said Dr. James Gaines of the Real Estate Center at Texas A&M University.