Dallas-area home prices up 6.9 percent in July

Dallas-area home prices up 6.9 percent in July

Dallas-area home prices were up 6.9 percent in the latest annual comparison by CoreLogic.

That’s just slightly ahead of the 6.7 percent nationwide gain in July compared with July 2016.

After increasing at sometimes twice the national rate, Dallas home prices are still gaining but at a slower rate than in the last two years.

The biggest home price gains in July were in Denver, up 8.3 percent from a year earlier, and Las Vegas, up 7.7 percent.

“Home prices in July continued to rise at a solid pace with no signs of slowing down,” said Frank Martell, president and CEO of CoreLogic. “The combination of steadily rising purchase demand along with very tight inventory of unsold homes should keep upward pressure on home prices for the remainder of this year.

“While mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.”

North Texas home prices have risen by more than 40 percent in the last four years.

The median price of a preowned home in the area is now at a record high of more than $250,000.

CoreLogic forecasts than nationwide home prices will rise by 5 percent in the next year.

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