Record Increase: Dallas Home Prices Up 12.6% in 1st Quarter...
The Dallas-Fort Worth area had one of the biggest home price increases in the country in the first quarter. D-FW median home sale prices were 12.6 percent higher than in 2016, according to the National Association of Realtors quarterly home price survey. The Washington-based trade group looks at 178 U.S. metropolitan areas for its quarterly comparison of housing costs. Nationwide, median home prices were up 6.9 percent from a year ago to $232,100. The D-FW area for the first time surpassed the rest of the nation with a $236,500 median home sales price. "We've seen it coming — I think higher prices are here to stay," said Ted Wilson, with Dallas-based housing analyst Residential Strategies Inc. "There are more and more people chasing fewer and fewer lower-priced properties." Wilson said that D-FW median home prices have risen by almost $100,000 in the last six years because of a shortage of properties and huge population gains in the area. Texas economist Mark Dotzour said he's been "seeing this coming since 2009." "The question now is just how high homes in Dallas can go before people can no longer afford the payment and the taxes," Dotzour said.
- Dallas Morning News, May 15, 2017
Booming Real Estate Market Sees Dallas County’s Taxable Property Values Rise 11 Percent...
A booming real estate market drove steep rises in taxable property values across Dallas County this year, the head of the Dallas Central Appraisal District said Tuesday. Residential property values jumped by 9.9 percent this year across the county, while commercial property values increased 14.6 percent, said Ken Nolan, the district's chief appraiser. The value of new construction rose 25 percent versus last year. Nolan unveiled the preliminary appraised values at the Dallas County Commissioners Court, noting that the total values are expected to drop after property owners protest their values and many see reductions. "We've never seen a market as robust as we've seen in the last two to three years in Dallas," Nolan told the commissioners. "People actually knock on people's doors, [asking] 'Do you want to sell your house?' Because there are so many people coming here."
- Dallas Morning News, May 16, 2017
Think Home Prices Are High Now? Why They're Likely to Keep Going Up...
Buyers might want to sit down for this: Homes flew off the market like the hottest of hotcakes in the first quarter of the year—causing prices to rise even higher than predicted in many parts of the nation. The median price of existing single-family homes hit $232,100 in the first quarter of the year, according to a recent quarterly report from the National Association of Realtors®. That's up 6.9% from a year ago—and is nearly double the 3.9% price growth realtor.com® had forecast for 2017. "Prices are increasing faster than we expected them to because of the continual shortage of new homes coming onto the market," says Senior Economist Joseph Kirchner of realtor.com. "People that had been holding back on buying a home ... now have good, steady jobs and are less worried about losing their jobs and hence are going into the housing market." If the shortage of homes continues, prices could rise 7% to 8% year over year in 2017, he says. Ouch. The first quarter of the year marked the strongest quarterly sales pace in a decade, according to the report.
- Realtor.com, May 15, 2017
Blame It On Those Californians! They Keep Coming!!!
“With most of California and the bigger East Coast cities, their median prices are well above ours,” said Ted Wilson, a principal with Dallas-based Residential Strategies. “They come here and can afford it and put money in their pocket. “Toyota captures the headlines, and some of their people are coming here with big equities from California.”
- If you’re having trouble finding a house, blame it on Toyota — and State Farm Insurance, Boeing, Kubota Tractor, McKesson Corp. and dozens more corporations moving tens of thousands of workers to North Texas. Each year, more than 60,000 people come to the Dallas-Fort Worth area to fill thousands of jobs; Toyota alone is bringing almost 4,000. That’s made the D-FW area one of the hottest home markets in the country, driving up prices to unheard of levels. The strong demand for housing has also created one of the biggest home shortages in decades. It’s a tough time to buy, both for the people moving here and longtime residents. While North Texas residents are gasping over the run-up in prices, buyers relocating from the West Coast and the Northeast think the area is a bargain, agents and analysts say.
- Dallas Morning News, May 14, 2017