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