31 Oct Dallas home price gains slow in latest report
Dallas used to be once one of the top markets in the country for rising home prices.
But the rate of home price gains in the Dallas area has cooled in recent months.
Dallas-area home prices were 7.1 percent higher in August, according to the latest Standard & Poor’s/Case-Shiller Home Price report. It’s the smallest year-over-year gain in more than four years.
Nationwide prices rose 6.1 percent from August 2016. Dallas ranked seventh out of the 20 major cities Case-Shiller survey’s each month for home price appreciation.
Seattle, Las Vegas, San Diego, Portland, Detroit and Denver all had higher rates of home price growth.
“The ongoing rise in home prices poses questions of why prices are climbing and whether they will continue to outpace most of the economy,” S&P’s David Blitzer said in the report. “Nationally and in nine of the 20 cities in the report, home prices have reached new all-time highs.
“However, home prices will not rise forever,” he said. “Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking.”
North Texas home costs are at record levels — up more than 40 percent in the last four years.
However, reports from real estate agents indicate that the number of homes for sale in the Dallas-Fort Worth area has grown, taking some of the pressure off pricing.
Dallas-area home prices are now more than 40 percent higher than they were before the housing crash a decade ago, according to Case-Shiller. And prices have jumped almost 60 percent since the worst of the recession in 2009.
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