02 Feb Dallas home price and sales growth expected to cool in 2018
Heading into 2018, Dallas-area homebuyers have more properties to choose from.
And prices aren’t rising as fast as they have in recent years.
But buyers hunting moderately-priced homes in popular North Texas neighborhoods will still have to scramble to get a deal.
After years of tight home inventories, in 2017 there were about 8 percent more homes on the market in the area than in 2016, according to latest data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
At the start of the new year, some neighborhoods — including Oak Lawn, Garland, South Dallas, Denton and Kaufman counties — had 25 percent or more homes up for grabs than a year earlier.
The increase in home inventories and expected rises in interest rates should help cool the rate of home price gains in the Dallas-area in 2018, housing analysts say. But home costs will still rise.
“For Dallas, we are projecting sales to be up and prices will still be up — but hopefully not as strong as they have been in the last few years in terms of the rate of the increase,” said Dr. James Gaines, chief economist with the Real Estate Center. “It’s still going to be an undersupplied market.
“When you have that, the pressure on prices to go up is still high.”
In 2017, home prices rose by an average of 10 percent in the almost four dozen residential districts tracked by The Dallas Morning News every quarter.
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