Dallas-area home prices grew by less than 3% in the latest CoreLogic survey.
Home prices in Dallas rose by just 2.68% in April compared with a year ago. That’s less than the nationwide gain of 3.6%
Prices in the Fort Worth area climbed by more than 5% – the largest year-over-year increase of any major Texas market.
Nationwide, home price increases picked up their pace after months of slowing appreciation.
“The pickup in sales between March and April has helped to counter the recent slowing in annual home-price growth,” Frank Nothaft, chief economist at CoreLogic, said in the report. “Mortgage rates are 0.6 percentage points below what they were one year ago and incomes are up, which has improved affordability for buyers. However, price growth has remained the highest for lower-priced homes, constraining housing choices for first-time buyers.”
The biggest U.S. price increase was in the Las Vegas area, where prices rose 7.6% from April 2018.
CoreLogic said prices increased by 3.37% in the Houston area, 4.09% in San Antonio and 3.6% in Austin.
Even with the slowdown in home appreciation since last year, CoreLogic said more than 40% of U.S. home markets, including Dallas-Fort Worth, are overvalued.
Analysts are predicting that home values across the country will rise by 4.7% over the next year.
Through the first four months of 2019, the median sales price of single-family homes sold by real estate agents in North Texas is just 2% higher than in the same period last year.
Home sales in the area are down 1% from where they were at this time in 2018.
* Article source: Steve Brown for Dallas Morning News