Homeowners in Dallas and across the country are staying put longer
One reason there are fewer houses for sale is that homeowners are staying put longer. The average Dallas-area homeowner has been in his or her house almost eight years, according to a new report by LendingTree.com. The mortgage company looked at homeownership tenures in major markets around the country. "Our study found that there's an inverse relationship between home price and the length of time people stay in their homes," the LendingTree report found. "In other words, prices rise more quickly when people stay in their homes for shorter time periods." The amount of time homeowners stay in a property has grown significantly since the Great Recession. Before the economic downtown, homes tended to turn over every three to five years. But owners are remaining in their properties longer and have been more likely to remodel or refinance rather move. That has contributed to the shortage of houses on the market in many U.S. cities.