Up, up, up — Dallas home prices head higher in latest survey
Dallas home costs were more than 19% higher in October.
Nationwide home prices rose a record 18% in October, and year-over-year housing costs in the Dallas area climbed at an even faster rate, according to a new report by CoreLogic.
Dallas-area home prices were 19.2% higher than in October 2020, the latest study found.
Housing economists keep predicting the price rises will slow, but so far that hasn’t happened in North Texas.
“New household formation, investor purchases and pandemic-related factors driving demand for the limited supply of available for-sale homes continues to propel the upward spiral of U.S. home prices,” Frank Martell, president and CEO of CoreLogic, said in the new report. “However, we expect home price growth to moderate over the near term as many buyers take a break for the holidays.”
Dallas’ home price increases have grown dramatically this year as supplies of houses on the market have fallen and buyer demand has remained high.
But Dallas price hikes are nothing like what buyers are seeing in Austin, where costs are more than 31% higher than in October of last year.
Fort Worth home prices were 18.9% higher. And in Houston, prices were up 14.5%.
CoreLogic is forecasting slight declines in home costs in the next 12 months in both the Houston area and in Dallas.
But previous similar forecasts have missed the mark.
North Texas single-family home prices were 18% higher in the first 10 months of 2021 compared with the same period last year, according to sales data from local real estate agents. And median sales prices are close to an all-time high of $350,000.
Source: Dallas News