WEDNESDAY WISDOM Increase In Dallas Area Home Prices

WEDNESDAY WISDOM Increase In Dallas Area Home Prices

DALLAS AREA HOME PRICES STILL RISING

Well, surprise, surprise...Dallas real estate is still booming.  Home prices are up 8.9% from a year ago.  The below article by the Dallas Morning News best sums it up.

     

Dallas bumped up its home price gains in the latest nationwide comparison.


Home prices for the Dallas area were up 8.9 percent from a year ago in the just-released Standard & Poor’s/Case-Shiller Home Price Index.


The year-over-year increase in Dallas in August was the highest in almost six months. And it was up a bit from the 8.7 percent rise in July.


The Dallas area was among the five U.S. cities with the greatest home price appreciation in Case-Shiller’s monthly survey.


Nationwide prices were 4.7 percent higher than August 2014 levels.The largest annual increases were in San Francisco, Denver (both 10.7 percent) and Portland (9.4 percent).


“Home prices continue to climb at a 4 percent to 5 percent annual rate across the country,” said S&P’s David M. Blitzer. “Most other recent housing indicators also show strength.


“The rebound from the recent lows was faster than the 1997-2005 housing boom and also much less driven by inflation.”


North Texas home prices are now at record levels and are growing at more than twice the long-term average rate of appreciation for this area.


Through the first nine months of 2015, the median sales price of preowned single-family homes sold by real estate agents is 11 percent higher than in the same period last year.


Home costs in North Texas are now more than 15 percent higher than they were at the peak of the market before the recession.


Case-Shiller’s study tracks the prices of specific single-family homes in each area. The index survey does not include condominiums and townhouses.


Housing analysts don’t expect a significant slowdown in the rate of Dallas-area home price gains in the months ahead.


“With inventory remaining at a record low and demand remaining strong, we expect prices to continue to appreciate well above the long-term average through the remainder of the year,” said David Brown with Metrostudy Inc.


“It is likely the elevated appreciation will continue into 2016, especially at the affordable end, because of the difficulty of building new homes priced under $250,000.”

Written by Steve Brown and Dallas Morning News


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About JP: JP Piccinini is an entrepreneur, philanthropist, proud dad and the Founder, Broker and Owner of JP a...

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