The Dallas News reports the boom is running out of steam. "Has the North Texas housing market finally turned down? It's too early to say, but April's 13 percent drop in pre-owned home sales from a year ago should catch folks' attention."

"April's decline was the biggest year-over-year slide in local home sales in more than two years, and follows a 4 percent decline in March. 'For two months in a row it's negative,' said Jim Gaines, an economist with Texas A&M University's Real Estate Center. 'You are maybe beginning to see a bit of a trend.'"

"A close look at housing statistics from the North Texas Real Estate Information System shows that the decline is coming in sales of homes priced below $140,000. 'Those are the entry-level people,' Mr. Gaines said. 'A 1 percent change in the interest rates can change the number of households that can participate in the market.'"

"Real estate agents also say the market varies significantly by neighborhood, and the statistics back them up. In April, pre-owned home sales dropped more than 25 percent in moderately priced neighborhoods in areas including Cedar Hill, Lancaster, Mesquite, Oak Cliff, Richardson and Allen. But double-digit sales increases were recorded in more expensive neighborhoods in DeSoto, Northeast Dallas and Far North Dallas."

"In April, 6,898 pre-owned homes were sold, down from 8,052 in March. The number of single-family homes for sale in the area was up about 2 percent last month to 44,371 listings. That equals about a seven-month supply of housing on the market. And that doesn't count all of the more than 9,000 new homes for sale in the area."

"A record number of new homes is available in the area, and big builders have been discounting houses and offering incentives to lure buyers from the pre-owned home market. 'There's no question about that,' said Ted Wilson with Residential Strategies. 'The big builders have the speculative inventory on the ground right now, and discounting is going on.'"