Dallas home prices have been on the move higher for sometime, and continue to rise. Dallas is one of the hottest markets in the nation.
Today, CoreLogic reported home prices have risen from December 2015 to 2016 by 7.2%. The Dallas market place has seen a rise of 6.6% according to the report.
Just over a week ago, Case-Shiller 20-city composite home price index measured home price increases of 5.6% year-over-year, November 2015 to November 2016. Dallas is included in this 20-city composite, and had a rise in prices by 8.1%. Seattle, Portland, and Denver topped the Case-Shiller list with Dallas sliding in fourth spot.
The Case-Shiller index illustrates housing has recovered from the boom-bust cycle that began a dozen years ago.
The ever-so-slight increase in mortgage rates has not dampened home sales nor home prices.
The median price of homes currently listed for sale in the Dallas area is $354,900. The median rent price in Dallas-Fort Worth is $1550.
Forecast for 2017
The forecast of home price growth for the year ahead ranges from 4.1% to 5.5% price increases, nationwide. Here is a CoreLogic map and forecast by state, which is fairly conservative.
Zillow is forecasting home prices will rise in the Dallas area during 2017 at a robust 7.3%, just slightly above this past year. Quite a bit more than CoreLogic.
If you are waiting for home prices to plateau, you might be in for a wait. To discuss your needs and goals, give me a call. Or get started with your home loan pre-approval right here.