This year has been a remarkable year for North Texas real estate, but that strong growth will eventually subside and, ideally, lead to a stable market, overall. Recent data analysis from CoreLogic reveals that Dallas area home prices should drop from their historic highs in the coming months.
However, the drop-off will be from record highs that Dallas area home prices reached in the third quarter of 2013. So it’s important to point out that home prices will remain relatively high for the region, despite the significant drop-off that could be seen.
“Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong,” said David Stiff, principal economist for CoreLogic Case-Shiller. “Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975.”
CoreLogic reported that Dallas area home prices will rise 3.3 percent through the second quarter next year, but that is in stark contrast to the 9 to 11 percent growth seen in the area through much of this year.
This will be beneficial for a fluctuating housing market that is still looking for its groove. While low home prices are detrimental to sellers, skyrocketing prices can be a deterrent to prospective buyers. However, financing options can offset the bidding wars and rising home prices that result for new home buyers.
Conventional loans through Freddie Mac and Fannie Mae, VA loans and FHA loans are all available for the right candidates and can come with low rate offerings provided the applicants meet the necessary standards.
If you’d like to learn more about the North Texas housing market and peruse some of the beautiful Stephenville real estate we have for sale, contact our team of professionals today.