What goes up has to come down, at some point, right?
It’s like that with home values. Except home values in Dallas have never shot skyward as much as they have in coastal cities and international hubs like Miami and New York City. Our home prices creep up by 5 to 7 percent a year. Then they stay there for a few years until the upward trend starts again. The only time I remember Dallas home prices actually declining as in the late 1980s, agree?
Comes news this week from Standard & Poor’s/Case-Shiller Home Price Index that Dallas home prices were up only 5.2 percent from where they were a year ago. Which is less than the 6.2 percent nationwide home price gain from June of 2017. So for the first time in a long time, we are dragging behind the national average, not leading it.
In fact, Dallas-area home prices expanded by the smallest percentage in almost six years.
The silver lining: (copy and paste this story for DCAD) if prices start to stabilize, our property taxes will, too. Oh and don’t let the Dallas City Council fool you into thinking they are lowering taxes, either. They are trying to lower the rate, because property taxes in this state are set by values. So all these nice Case-Shiller reports have brought in increased revenues from property taxes.
So, should we be concerned? No.