RETURNING TO EQUILIBRIUM The Dallas/Fort Worth and N. Texas residential real estate market may be returning to a more normal state, according to data published in the latest Standard & Poors Case-Shiller Home Price Index. Although DFW area home prices are now at a record level, and are approximately 25% above where they were at the worst of the economic downturn in 2009, the recent local home price surge appears to be slowing, and analysts expect a cooling off in the market. While area home prices were up 8.6% in May over the same period last year, it was the slowest rate of increase in over a year. David Brown, who heads housing analyst Metrostudy, Inc., believes the higher year-over-year home price gains are behind us. Brown also predicts that the cumulative increase in home prices will be under 10% for 2014. Jed Kolko, chief economist with Trulia, Inc. has been recently quoted as saying, Now that prices have risen significantly, theres less room for appreciation before homes start looking overvalued. Expanding inventory and less investor buying both will move the market closer to normal. A more balanced market, with moderately increasing values and steady sales will benefit both buyers and sellers who opt to enter the market during the remainder of 2014 and in 2015. For up-to-the minute information on todays Dallas/Fort Worth and N. Texas residential real estate market, and to view homes currently for sale, visit daveperrymiller.
Posted on: Fri, 01 Aug 2014 16:09:34 +0000
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