Preowned home prices in the Dallas area ended 2014 with a 7.5 percent gain from 2013, according to the latest Standard & Poor’s/Case-Shiller Home Price Index.
December’s price increase was slightly lower than the 7.7 percent annual rise reported in November. It’s in line with year-over-year price appreciation during the second half of last year.
“As long as we have a tight sellers’ market, it’s going to be in that area,” said Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University. “The good news is it’s not 12 or 15 percent. “We can live with this for a while.”
The Dallas-area price rise was well above the 4.6 percent nationwide appreciation rate in December.
Dallas had the fourth-highest increase among the 20 major markets that Case-Shiller surveys for its monthly report.
“Movements in home prices show clear regional patterns,” said S&P’s David Blitzer. “The western half of the nation plus Miami and Atlanta enjoyed year-over-year increases of 5 percent or more.
“San Francisco and Miami were the strongest,” he said. “Dallas, Denver, Las Vegas and Atlanta also experienced solid gains.”
San Francisco prices were up 9.3 percent from December 2013 levels. Prices in Miami were up 8.4 percent.
Dallas-area home prices are now almost 13 percent higher than they were before the recession and have risen more than 30 percent since early 2012.
“The affordability is coming down,” Gaines said. “It’s particularly hitting the low- to moderate-income groups.”
Case-Shiller’s study tracks over time the prices of specific single-family homes in each metropolitan area. The index survey does not include condominiums and townhouses.
The median price of homes sold in North Texas by real estate agents through their multiple listing service was 11 percent higher in December from a year earlier.
Source: Dallas Morning News
On September 5, 2014, Relocation Appraisers & Consultants, Inc. (RAC) became the newest member of The Appraisal Foundation Advisory Council (TAFAC). RAC member, Thomas E. Allen, CRP, recently attended the TAFAC’s general membership meeting in Washington, D.C.
TAFAC is composed of 58 non-profit organizations and government agencies, which represent appraisers, users of appraisal services and government agencies. TAFAC serves to involve the public in the appraisal standards and appraiser qualifications development process.
Member organizations of TAFAC represent various professions and occupations. TAFAC currently includes organizations representing appraisers, home builders, real estate brokers, financial institution regulators, federal land acquisition agencies, the secondary mortgage market and the private mortgage insurance industry.
TAFAC makes recommendations to the Appraisal Standards Board (ASB), Appraiser Qualifications Board (AQB) and Board of Trustees (BOT) on major issues pending before the Boards. In addition, recommendations are also made regarding agenda of projects, the selection of task forces, amendments to the Uniform Standards of Professional Appraisal Practice (USPAP), Statements or Advisory Opinions under development by the ASB and revisions to the AQB Appraiser Qualification Criteria and Interpretations/Clarifications.
RAC is very excited about being a member of TAFAC and this opportunity to serve the appraisal industry.
The best U.S. small city to live in has a median household income around $100,000, a healthy but not booming economy, high home values, very low property taxes and isn’t in the Northeast.
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.”
Not surprising considering the undersupply many
market segments have been experiencing in North Texas.
— Michael S. Cook, MAI, SRA
Not that long ago, we all considered a 6.5% mortgage interest rate very reasonable. Additionally, we all know how the perception of interest rates impacts the housing market.
After reading this article “Where Will Residential Mortgage Rates be a Year from Now?“, I wonder if buyers will consider a mortgage interest rate of 6.5% high and ultimately slow their appetites for buying homes?