Report Roundup: It’s Not Just The Temps Outside — CoreLogic, Realtor.com, and Local Market Monitor Say Dallas Real Estate is HOT
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We love graphs and data, especially when those graphs and data show Dallas and Fort Worth at the very tip top. Not only did Realtor.com call the Dallas metro the second-hottest real estate market in America for August (up from third-hottest in July), but CoreLogic has D/FW at the top of its Housing Price Index rankings for July, outpacing the Houston metro area — its closest competition — by two percentage points. Local Market Monitor says Dallas is still a low-risk place to invest, with great growth projections for sellers and landlords.
Jump for a quick summary of the latest Dallas Real Estate reports.
“This year we are seeing inventory continue to grow in August, and while overall demand is strong, the trend in median days on market is suggesting that the market is finding more of a balance,” concluded [Realtor.com chief economist Jonathan] Smoke. “This bodes well for would-be buyers who have been discouraged by the inability to find a home to buy this spring and summer.”
The recent stock market correction could offer benefits to prospective buyers. “A temporary drop in demand by those negatively affected by stock market instability might be just what strained would-be buyers need to gain the advantage in a market that has given sellers the upper hand so far this year,” said Smoke, adding that postponement by the Fed due to the market correction could extend accessibility of attractively low mortgage rates.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago,” said CoreLogic chief economist Dr. Frank Nothaft. “Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July.”
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in homes sales as of late,” said CoreLogic CEO Anand Nallathambi. “Adding to overall housing demand is the benefit of a better labor market, which has provided Millennials the financial independence to form new households and escape ever-rising rental costs.”
“Economic growth has been strong since the recession. The economy features important finance (banking) and business services sectors. Overall, job growth was strong in recent months. Growth in the finance sector was fair. During the recession, home prices dropped a mild 6 percent. Texas was an epicenter of subprime mortgage lending. Population growth has been high.”
“Rents are high compared to home prices, presenting investment opportunities. Over the last three years, prices were up 26 percent. Expect a strong housing market the next few years.”
