The news again trends positive for the Dallas-Fort Worth housing market in October. You wouldn’t think we were in the throes of a pandemic that is impacting economies everywhere.
But the numbers show that people continue to pursue homeownership.
According to the Zillow Real Estate Market Report, the typical home value in September was $270,907, up 4.5 percent year over year, and 0.9 percent month over month. Rent prices were up 1.5 percent. But again, potential buyers have far fewer homes to choose from than they did at this time last year.
Nationally, the typical home value in September was $259,906, up 5.8 percent year over year, the largest jump in nearly two years. The 0.8 percent month-over-month growth rate was the biggest jump since November 2005.
The state’s housing sales were up 3.1 percent year to date compared to activity during the first eight months of 2019.
In Zillow’s report, it’s the third consecutive month that home values have risen in every major U.S. metro market compared to the previous month.
But will this hot market continue? Demand is high and inventory is low.
Zillow’s forecast suggests that closed home sales reached a recent high in September, and will temporarily slow in the coming months, falling to pre-pandemic levels by January 2021.
“Growth is then expected to resume next spring and to remain firmly above pre-pandemic volume through most of next year,” the forecast stated.
Other notable reports:
Texas Housing Insight: Texas housing sales declined 4.1 percent in August from an all-time high the previous month, according to the report released by the Texas A&M Real Estate Center. Sales were up 3.1 percent YTD compared with activity during the first eight months of 2019. Read how D-FW numbers compared here.
Texas International Homebuyers Report: Texas was third in the U.S. for homes sold to international buyers, behind Florida and California, according to the Texas Realtors’ study. International home sales added $6.6 million to the Texas economy from April 2019 to March 2020, according to the report. Read more here.
Coldwell Banker Richard Ellis Multifamily Investment: D-FW has pulled in $2.8 billion, ranking the region fifth in multifamily investment since 2015. Read more here.
Fastest Growing Cities in the U.S. Report: Frisco is the fastest-growing city in Texas and sixth nationally, according to this WalletHub study. Frisco also had the highest population and job growth in the country, tying with Sugar Land and McKinney, among others. McKinney was 11th and Richardson 30th. Read more here.