Good news for those interested in buying a home in the Dallas area! Recent reports indicate that home prices in Dallas have been rising at the slowest rate year-over-year since 2012. Standard & Poor’s/Case-Shiller Home Price Index indicates that in March, prices around Dallas had increased about 5.8% over the same period last year.
The largest increases in home prices in large cities nationwide included Atlanta, Charlotte, Denver, Detroit and Los Angeles, among others. Leading the list in terms of rate increases in home prices over the last year were Seattle, San Francisco and Las Vegas where the one year rate increases were 13%, 11.3% and 12.4% respectively.
In recent years home appreciation in North Texas has experienced price gains in the double digits, however the rates have slowed substantially over the last few months. Why is this? More homes are for sale in the Dallas area and mortgage rates are higher, according to Zillow. David Blitzer of Standard & Poor’s says that the price of homes are expected to continue increasing until either the economy experiences a substantial slow down, or the number of available homes for sale increase faster than sales.
At the present time home prices are steady, but they are expected to rise as the competition increases and the inventories remain low. S & P’s Blitzer said that things are calmer today when compared to the price gains of the early 2000s boom.
The latest data was taken in March of this year, with price gains in Dallas from February to March increasing only 0.6%. Nationally, home prices increased at an average rate of 6.5% over the one-year time period.
For buyers, now is the time to take action if you’re looking to purchase a home in the Dallas-Ft. Worth metro area. At Team Nelson our goal is to help buyers find the ideal home according to your specific criteria, something that isn’t difficult to accomplish considering our extensive knowledge of the market and available homes. We can help make the home buying experience one that’s far more pleasant and less stressful! Give our Dallas real estate professionals a call today, and expect the personal attention and satisfaction you deserve.