9.8% Increase in January; Economists Predicted 3-4% Increase for DFW
Dallas-area home prices rose by almost 9.8 percent in January, continuing to grow faster than nationwide rates. The analysts had predicted the DFW area would slow to a 3% to 4% increase in 2016, but are now revising – there is simply too many jobs coming to North Texas. Analysts expect that North Texas’ near double-digit home price gains will continue as long as employment growth in the area remains strong. CoreLogic said Tuesday that U.S. home prices were 6.9 percent higher in January than they were at the start of 2015. “Heading into the spring buying season, home prices continue to rise across much of the country,” said Anand Nallathambi, president and CEO of CoreLogic. “With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one.” CoreLogic is forecasting that nationwide home prices will rise by 5.5 percent in the year ahead.
- Dallas Morning News, March 1, 2016 (excerpt of article)