DFW HOME PRICES, OF COURSE.
Area prices rose 8.6 per cent in the monthly S&P CoreLogic Case-Shiller Home Price Index. The DFW increase was well ahead of the national jump 0f 5.8 per cent. Home prices are continuing to rise. One factor is suggested to be the unusually low inventory of homes for sale. People are staying in their homes longer and those families choosing to move locally are more cautious as prices are rising rapidly.
As prices cannot continue to rise indefinitey, there is no way to anticipate or guess when rising prices and mortgage rates will force a slowdown in housing. It could be years according to the analysts. Dallas prices are at an all-time high and are almost 40 per cent higher than a decade ago before the recession hit.
North Texas home sales numbers are higher this year than in the first five months of 2016. The real estate community expects the demand for area housing will continue as long as employment growth remains strong. Homebuyer demand is sky-high, inventory levels are near rock-bottom and home prices keep rising. Zillow chief economist, Svenja Gudell said in response to the latest Case-Shiller numbers, “These trends have been driving the market for years now, and all recent data points to these dynamics continuing for a while to come. Eventually these conditions will change as builders bring more inventory online, more home sellers put their homes on the market and home price appreciation cools in the face of slowly rising mortgage interest rates,” she said. “But for now and the foreseeable future, I’m not holding my breath.”
(Statistics borowed from the Dallas Morning News)