According to National Comparison, the Dallas home prices are seen at record hikes. We see the prices of Dallas-area homes are increasing at the fastest rate ever. These prices were increased by 10.9% in February, which was the huge gain that has been observed in the S&P CoreLogic Case-Shiller; U.S. National Home price index.
12.0% Gain since February 2006
As per the report of S&P's Craig J.Lazzara, The highest home prices were gained and continued from February 2021. He said it was the highest growth of Dallas home prices nationwide, a 12.0% gain since February 2006, which was exactly 15 years ago.
Urban Apartments to Suburban Homes – Is that Due to Pandemic?
This data would remain consistent with the hypothesis that COVID has motivated home buyers to move from urban apartments to suburban homes; in the next few years, this buyer demand is expected to be accelerated. The purchase will happen anyway. The latest report Dallas values increased year-over-year as the Case-Shiller began tracking local residential values.
Price Gain in Other Cities
The largest Home price gains in the market were in San Diego (17%), Phoenix (17.4%), and Seattle (15.4%), with each region seeing double-digit gains, Lazzara said.
90% Increased Values
Dallas area home values have increased by 90% over the past decade in Case-Shiller's index. In the first quarter, median prices of Dallas-Fort Worth homes were sold by real estate agents increased 13.5%, to all of high $310,000.
What Experts Say About This?
As per housing analysts, the current pace of home price is increasing unsustainably, the concern of many buyers has already priced out of the market. Economist forecasted - 6.4 million U.S. home sales in 2021, and that gives a rise up to 13.5%.
There are relatively few homes for sale in the market; the bidding wars have become more frequent, the actual value of certain single-family homes over time is looked up by Case-Shiller. Condominiums and townhouses were not included in the index. Pre-owned properties, new constructions are not covered by this.
Home Buyers Competition is on Rise
Zillow economist Matthew Speakman said in response to the latest Case-Shiller - numbers are already rising at a blistering pace. The home price appreciation pressed higher in February as competition for housing remained red hot. Economic recovery is gathering a high wave of eager buyers who are seeking the first home purchase.
As the increased availability for the sales of homes and the sequence on the new and interested buyers budget is too high, the home price appreciation should ease in the coming months, but it will remain high single digits among the most of the country.
CoreLogic economist Selma Hepp said- there are early signs of the increasing availability of 'for-sale homes and squeeze on new buyers' budgets due to the high price tags and rising rates that are pushing some buyers out of the market.
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REFERENCE:
https://www.dallasnews.com/business/real-estate/2021/04/27/dallas-home-prices-see-record-hikes/
Published by: Book Club
Source: NewsService
Release ID: 18024