DALLAS — The price of a single-family home in downtown Dallas fell to a record low Tuesday, but that was not enough to stave off a housing bust.
Dallas apartment listings posted their biggest weekly decline since October last year and were down nearly $1 million from a year earlier.
The Dallas area has seen its share of foreclosures in recent years, and in May the Dallas Housing Authority reported a record 6,957 residential foreclosure notices.
The district is also seeing a surge in renter occupancy as more people move out of Dallas.
In its latest vacancy rate report, the Dallas Area REALTORS reported that the number of renter occupied apartments in the city increased by 7.5 percent last year to 2,093, the most in more than 10 years.
That is a slight increase over the 3.3 percent increase in rener occupied apartments recorded in 2014.
However, the district is still struggling to keep up with its housing needs.
A total of 3,766 units were listed for sale in June, up 1.4 percent from June 2015, according to the Dallas Real Estate Board.
The average price of new homes in the Dallas area dropped 5.6 percent in June compared to a year ago.
There were also 7,914 homes listed for demolition in June at a loss of $7,849, or 5.2 percent of all new homes sold in the area, the REALTORs said.
A lot of this was due to the massive price drop on many of the homes that were demolished, but the median selling price for homes in Dallas was down 6.2% compared to last year, the report showed.
A large number of units were sold for less than the appraised value, or the value of the property minus the appraisals fee.
The REALTors also said that some apartments sold for under $1.5 million.
But the most common types of sale prices, such as townhome, condo, duplex and other homes sold for between $1,100,000 and $2,300,000 were up 6.1 percent and 6.4%, respectively.
As a result, some of the area’s most desirable neighborhoods like the North Side, River Ridge, North Park and the Warehouse District were sold at prices below market values.