Home Prices for Dallas-Plano-Irving are projected to increase in the coming years, according to Local Market Monitor.

Home Prices for Dallas-Plano-Irving are projected to increase in the coming years, according to Local Market Monitor.

Sure, economists are saying that the Dallas-Fort Worth area have posted new gains in 2014, and that home price growth for the North Texas metro areas is projected to increase in 2015 to the tune of 9 to 11 percent, but more and more people are starting to take a closer look at those numbers and see that, while it’s good news overall, home prices need to be viewed with greater local perspective. Afterall, the MSA that includes Dallas — Dallas-Plano-Irving — is vast and diverse. The same can be said for the Fort Worth MSA — Fort Worth-Arlington.

So, while we are encouraged to see both Local Market Monitor and CoreLogic give glowing reviews of the Dallas area and Texas as a whole, we need to get more specific data to get a clearer picture of home prices, home values, and where you can buy a property that will actually appraise. After all, real estate isn’t just local, it’s hyper-local.

In the Fort Worth-Arlington MSA, home prices will have a year-over-year boost of 9 percent, according to Local Market Monitor.

In the Fort Worth-Arlington MSA, home prices will have a year-over-year boost of 9 percent, according to Local Market Monitor.

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Dallas, be grateful! We are rebounding! Things are looking up!

That is, according to the Jan. 31 Local Market Monitor report for the Dallas-Plano-Irving market. For me, this just re-affirms what Realtors and sellers are telling us: Well-staged homes that are priced right are flying off the market in record time. And we’re head-and-shoulders above the national market, too!

Home values for Dallas- Plano- Irving are forecast to increase by 2 percent over the next 12 months. Nationally, prices are forecast to increase by 1.2 percent. In the second and third year, prices are forecast to increase 5% and 7%, respectively.

To what do we owe this success? Well, it’s a mixed bag, but a lot of it has to do with job growth and economic recovery. There has been a 2.5 percent increase in overall job growth, with sectors such as finance experiencing a renaissance of sorts.

According to economist Mark Dotzour at the Real Estate Center at Texas A&M University, corporations are moving to more business-friendly climates and taking their jobs with them:

Let’s face it. Employers come to Texas and other southern locations because they feel that they can make a higher profit. Taxes are a major consideration. So is the cost of labor. Clearly businesses are moving away from areas with a high concentration of unionized labor.

Does this ring true for you? What do you think is the reason for our uptick in sales and existing home prices?