With Texas and Dallas clocking in a small uptick in inventory, everyone’s wondering if we the market is poised to stabilize soon and if our time of scarcity and rising prices is over.
According to the latest report from CoreLogic, not so much.
“Home prices are continuing to rise fueled by ongoing tight supply, low rates, and aggressive investor buying on the East and West Coast,” said President and CEO of CoreLogic Anand Nallathambi. “The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future.”
In Texas, price increases slowed during June of this year, up 1.1 percent from May 2014 and registering a 3.6 percent change over the last three months. From June 2013 to June 2014, prices have jumped a total of 8.4 percent statewide, putting us on par with pre-recession levels. In Dallas, home prices are up 7.8 percent including distressed sales, and up 8 percent excluding distressed sales year-over-year, which outpaces the national HPI at 7.5 percent and leaves our metro area ranking 7th in growth.
The short-term national projections from the firm show a 0.7 percent increase in home prices including distressed sales between June and July of this year and a 0.6 percent increase in home prices excluding distressed sales for the same period.
Of course, there are several condo and single-family projects that are in the works, including a new home development off of Coit Road on property once owned by the Texas A&M University system. Similar projects, including some residential redevelopment in the works, could bolster regional inventory some.
What do you think?
