Dallas Area Home Prices Near Record High Inventory Near Record Low

Dallas Area Home Prices Near Record High Inventory Near Record Low

Metro Sales data through Feb16

Case-Shiller: Dallas-area home prices near record high; inventory near record low

The Dallas area stayed near the top of the list of city’s with the biggest home price gains in a new nationwide report.

Dallas-area home prices were up 9 percent from February 2015 in the latest Standard & Poor’s/Case-Shiller Home Price Index.

Dallas ranked behind Portland, Seattle, and Denver among the cities with the largest year-over-year price gains in the closely watched housing report.

Nationwide prices were 5.3 percent higher than a year ago.

Dallas’ price gain in February was down slightly from 9.2 percent in January.

”Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers,” S&P’s David M. Blitzer said in the report. “Rising prices are a concern in many parts of the country.

“The visible supply of homes on the market is low at 4.8 months in the last report,” he said. “Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house.”

Home prices were higher in all 20 major markets included in Case-Shiller’s survey.

The largest gains were in Portland (11.9 percent), Seattle (11 percent) and Denver (9.7 percent).

Dallas-area home prices are now at record levels in the Case-Shiller report – almost 24 percent higher than before the recession and housing market crash.

The inventory of houses for sale in North Texas remains near a record low

And sales of houses in the area are about 10 percent higher than in 2015.

“We will continue to see prices increase quickly as long as the job growth stays strong and inventory remains low as it is,” said David Brown with housing analyst Metrostudy Inc. “We don’t see anything on the horizon that would suggest it would slow down.”

Source: Dallas Morning News

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Dated: May 4th 2016
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About Derrick: Derrick has been in real estate for seven years. Before embarking on a career in real estate, Derric...

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