Covid has affected Dallas and the rest of the world many ways this year. One specific side-effect is a drop in mortgages and a shortage of houses causing home sales to go up this year due to the demand created. The Dallas Morning News published an article on November 6th about the phenomenon. In it they say:
“North Texas’ home market has made up for all of the time lost during the pandemic lockdown in April and May. Home purchases have increased by double-digit percentage rates in the last few months.The largest home sales gains so far this year have been in Dallas-area neighborhoods, including Oak Lawn (up 50%), Northeast Dallas (20%) and Rockwall (16%), according to data from the Real Estate Center and the North Texas Real Estate Information Systems.”
This surge in home prices also means something for current homeowners who are now “equity rich.” The Dallas Morning News published another article on november 5th explaining that. In it they say:
“Dallas-Fort Worth is one of the top markets in the country where homeowners are equity rich. That means they have 50% or more equity built up in their homes vs. what they owe on their properties, according to a new report by Attom Data Solutions.”
At least not all industries are falling behind due to the pandemic in the Dallas area.