Category: Market Conditons

CoreLogic: Dallas home prices up 11% in March

Texas is one of five states seeing home prices higher than before the recession. (CoreLogic)

Dallas-area home prices were up 11 percent in March from a year earlier, according to a new report from CoreLogic Inc.

The Dallas-area gain was about the same as the 11.1 percent nationwide increase, CoreLogic said Tuesday.

A shortage of homes for sale in many markets – including North Texas – is fueling large home price gains.

“This supply and demand imbalance continues to drive home prices higher, even though transaction volumes are lower than expected,” CoreLogic economist Mark Fleming said.

The biggest annual home price increases in March were in Riverside, Calif., 20.9 percent, and Los Angeles, 17.1 percent.

“Colorado, the District of Columbia, North Dakota, South Dakota, Texas and Wyoming all surpassed their previous home price peaks in March 2014,” CoreLogic said. “In all, 23 states and the District of Columbia are at or within 10 percent of their peak home price appreciation.”

http://bizbeatblog.dallasnews.com/2014/05/corelogic-report-dallas-home-prices-up-11-percent-in-march.html/

Not surprising considering the undersupply many

market segments have been experiencing in North Texas.

— Michael S. Cook, MAI, SRA

Low Inventory Has Become The Status Quo for Housing

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One of the key characteristics of the US housing market in 2014 has been limited supply of inventory. That lack of supply is placing upward pressure on housing prices as demand persists.

Long time RAC member, appraiser and current Secretary/Treasurer Gregg Mitchell, SRA of Mitchell & Associates of Omaha was recently quoted in The Omaha World Herald describing the events that brought us to this condition:

Mitchell described the last two years as an exceptional rebound period where record low interest rates and pent-up demand spurred sales. The spurt peaked last spring and was followed by unsettling national events such as the federal government’s partial shutdown and a rocky rollout of Obamacare. With winter now past and interest rates still low, Mitchell said, activity should pick up.

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Here is what he expects for 2014:

“We are really seeing a surge in demand and we’re going to see prices move this spring,” Mitchell said.