Dallas-area residential real estate jumped nearly 10% between December 2014 and December 2015, according to the mortgage experts at Texas Lending. This represents the largest gain in nearly two years.
Dallas-area home prices saw one of the five largest gains in the country, reports the mortgage specialists at Texas Lending. According to the Case-Shiller Home Price Index, local home price increases were nearly double the nationwide average gains of 5.4% with Dallas real estate jumping 9.6%. Only four major cities had percentage changes more impressive than Dallas, Portland (11.4%), San Francisco (10.3%), Denver (10.2%), and Seattle (9.9%). San Diego, #6 on the list, came in a full 2.4% below Dallas, reporting gains of just over 7%.
Nationwide, residential real estate prices continue to rise, but not at the same rate as Dallas. The pace is slowing a bit most everywhere else, reports Texas Lending representatives, and seven of the top markets have seen waning gains over the last year. Despite this moderation, virtually all major cities nationwide saw home value gains exceed a core inflation rate of 2.2%.
According to Texas Lending, homes in Dallas are nearly 24% ahead of pre-crash 2007 rates, equaling all-time high values. Homes in North Texas are leaping past their average long-term rates by nearly double what analysts consider average. Based on reports provided by local real estate agents, Dallas-area homes were selling faster and for about 10% more than just a year ago. Dallas-Fort Worth had the highest gains in the state for 2015.
Texas Lending predicts that the Dallas-Fort Worth market will continue to see strong appreciation due to historically low inventory levels and unexpectedly high demand. As the number of buyers continues to heavily exceed available properties, housing prices will likely continue to rise. Buyers may want brace for another year of appreciating prices should they wish to settle in the area.
4100 Alpha Rd
Dallas, TX 75244