Good jobs + rising housing market = bank profits. The attendees of the Texas Bankers Association’s Annual Strategic Opportunities Conference might have discussed how to keep the North Texas housing market, red hot. Here is a summer 2017 North Texas housing market review.
Is Dallas Housing Market Cooling?
Whenever there is a housing boom, some will be naysayers. Dallas Forth Worth has been one of the hottest housing markets in the nation. 2016 home prices in the Dallas area have risen over $360,000 on average.
Midwestern towns continue to lose manufacturing jobs – Detroit and Chicago – are basically bankrupt. Many businesses and individuals are heading south to Texas. Since 2010, more than 800,000 people have relocated to Dallas making the area #1 in the US for population growth.
The reason for this tremendous growth is employment. Annual employment growth for the Dallas-Fort Worth area is one of the highest amongst large metro areas at 3.5%. The median price for all homes sold in the first quarter was $265,000. Arlington and Irving remain the areas with the highest home prices. Summer 2017 housing remains hot, but a little cooler than summer 2016.
Dallas Housing Rocks
The agile financial institution will try to create financial products that satisfy the needs of their customers. CEO and President of NexBank John Holt spoke on the Texas Bankers Association conference panel, “Reinventing Community Banking: Perspectives on Competing by Innovation.” By continuing to innovate, NexBank can keep the housing boom going.
The Dallas Fort Worth housing market remains strong. Few regions in the country can really compare, in terms of having a business-friendly environment with good jobs. NexBank is well-positioned to earn healthy profits.