World News – United States – Housing price growth in Dallas is strongest in two years


Spurred on by a sales boom, home prices in the Dallas area have been rising more and more for more than two years in a national comparison

« Housing prices were high in August », according to & Poor’s standard Craig J Lazzara said in the report « The strength of the housing market has been constant nationwide – the 19 cities for which we have August data increased and all 19 grew more in the 12 months ending August than in the 12 months ending July

« Prices were highest in the West and Southeast, and comparatively low in the Midwest and Northeast »

Home prices in Dallas have accelerated in recent months as buyers rush to take advantage of historically low mortgage rates

Median home selling prices in North Texas in September were 10% higher than a year earlier, according to data from local realtors

The rate of house price growth in North Texas has more than doubled since the start of this year

Housing prices in the Dallas area have risen more than 80% since the worst of the Great Recession in 2009, according to Case-Shiller

The Case-Shiller Index tracks the prices of select single-family homes in each metropolitan area over time The index survey does not include condominiums and townhouses It only covers used properties – no new construction

In recent months, the housing market has ignored the economic impact of the recession and set sales and price records in North Texas

Nationwide home sales are up 21% from a year ago in the latest National Association of Realtors survey

« An abandoned spring season for buying a home seems to have completely shifted into the summer months, leading to sales volumes picking up at a time when they would normally show signs slowdown, « said Selma Hepp, deputy chief economist at CoreLogic, in an email » The current growth in house prices is exceptionally strong given that the US is in an economic recession, but it is historically low inventories and Historically low mortgage rates which are offsetting headwinds in the economy and jobs and fueling price acceleration « 

The inventory of homes for sale in North Texas is almost half of what it was a year ago, as many potential sellers are on the sidelines of the pandemic

« By some metrics, house prices are rising at a faster rate than they have ever done – an incredible feat considering the market is rising from an already high level, » the economist said by Zillow Matthew Speakman « The already tight supply of homes for sale has only narrowed in recent months, and historically low mortgage rates continue to encourage many buyers to enter the market

« This increased competition for the few homes on the market has put constant and firm pressure on home prices for months now, and there are few signs that it will abate anytime soon »

Get the latest real estate news from Steve Brown and the sales staff at The Dallas Morning News

Case Index – Shiller, S&P Global Ratings, Real Estate, CoreLogic, Robert J Shiller

Global news – United States – Housing price growth in Dallas strongest in two years


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