Dallas-Fort Worth home prices are up almost 70 percent since the Great Recession
Before we start believing the headlines that the D/FW real estate market is in trouble, we need to realize that the market has actually been overheated for the last few years. While I would have preferred interest rates to have remained the same, that wasn’t sustainable based upon the vibrant economy. The market is now regaining its normal balance. Even with that, we have still less than 90 days of inventory for sale. With that in mind, I am still very bullish about this real estate market.
-Rob Barney
“Dallas-Fort Worth home prices are up almost 70 percent since the Great Recession”
It will come as no surprise to potential North Texas homebuyers that a new report ranks Dallas-Fort Worth as one of the U.S. markets that have seen the most home price growth since the Great Recession.
The Dallas area ranked fourth behind Denver, Austin and San Francisco among cities experiencing the greatest home price appreciation in that period. Dallas prices are up 68.5 percent from the bottom of the market, according to the survey by HSH Associates.
So far, 73 U.S. home markets have seen their home values recover fully from the huge downturns some areas saw during the recession.
“Home prices continue to rise, trimming the number of metropolitan areas that have yet to see all homes returned to previous peak values,” HSH’s Keith Gumbinger said in the report. “Although the Denver-Aurora-Lakewood, Colo., metro still holds the top slot, Texas markets dominate the most recovered group, holding five of the 10 slots.”
Along with Austin and D-FW, Fort Worth, Houston and San Antonio are also on the list of cities that HSH says have seen the most home price growth in the past decade.
D-FW home prices are at record highs. But price increases have moderated in the past year as mortgage rates have risen and more houses come on the market.
So far in 2018, median home sales prices are up about 5 percent in North Texas from a year ago. The latest forecast calls for a 4.3 percent rise in home prices next year.
Not all U.S. markets have seen a rebound in their housing.
Home values in Bakersfield, Calif., are still more than 27 percent below their levels before the recession. Prices in New Haven, Conn., and Cape Coral, Fla., also lag their pre-recession highs by almost 20 percent.
(Source: DallasNews.com https://www.dhlc.com/dallas-fort-worth-home-prices-are-up-almost-70-percent-since-the-great-recession/)