The most recent data analysis from Standard & Poor’s/Case – Shiller Home Price Index reveals that the Dallas area experienced record high home prices in August.
“These numbers reflect conditions earlier in the year when we were in a frenzy,” David Brown, who heads the Dallas office of housing analyst Metrostudy Inc., told The Dallas Morning News. “I would expect in the fourth quarter we are going to see that soften. It’s still a good, solid market.”
Digging deeper into the data presented by S&P/Case – Shiller, we see that prices of pre-owned homes in the Dallas region climbed 9 percent in August on a year-over-year basis, which was considered “unprecedented.”
Looking at Dallas area home prices from where they are now compared to where they were when the housing recession first hit, they are 5 percent higher, which shows that the region’s market is still well on its way toward a full recovery.
Part of the reason for the surge in Dallas area home prices is the drop in inventory, which leads to increased bidding wars between hungry buyers, creating a sellers’ market. This might seem like a negative for interested buyers, but financing opportunities and low rate mortgages can offset high home prices in some instances.
As a nation, home prices increased in 13 of the 20 cities tracked by Case – Shiller in August.
In Stephenville, much like in Dallas, the housing market and local economy are booming, which is leading to rampant home buying activity in this Dallas suburb. If you’d like to learn more about Stephenville homes for sale, contact our team of professionals today to get started.