Home prices continue to rise throughout North Texas, which was already evidenced by data from the National Association of Realtors, and is now reinforced by similar data from the Standard & Poor’s/Case-Shiller Home Price Index.
According to the index, home prices in the Dallas area climbed a record amount in June to the tune of 8 percent compared to June 2012. Citing the index, The Dallas Morning News reported that Dallas is one of just several places covered by S&P/Case-Shiller that saw their home prices climb past where they were prior to the recession.
“Dallas-Fort Worth prices are normally less volatile than U.S. prices,” D’Ann Petersen, a business economist for the Federal Reserve Bank of Dallas, told the news source. “However, here in D-FW, we are seeing price gains that are larger than average due to the strong rebound in sales, coupled with low construction activity, which is picking up but is not back to peak levels.”
Although S&P/Case-Shiller do not report on actual prices, the NAR did report that the median price for a home in the Dallas-Fort Worth area climbed 11.5 percent to $181,800 between April and June 2013 compared to the same period of time the year earlier.
North Texas housing market looking ahead
The housing market in Dallas, and by extension in Stephenville and other small towns in the surrounding area, could see continued prices gains in the coming months. Erik Johnson, economist for IHS Global Insight, projects that a continued decrease in inventory could further boost prices, which would also continue the trend of rampant competition among buyers and get us even further entrenched in a seller’s market.
However, it’s yet to be seen how the uptick in mortgage rates across the country will offset the seller’s market that has emerged in recent months.
Still, homes for sale in Stephenville are flying off the market and affordability conditions remain high in many instances. If you’d like to learn more about your Stephenville real estate opportunities, contact us today.