North Texas home price gains are still slowing, according to the latest Standard & Poor's/CoreLogic Case-Shiller Home Price Index. Per the report, annual home price growth throughout the Dallas area registered just 4.3 percent, whereas nationwide home prices were approximately 5.5 percent higher in September than one year prior.
If you look at the figures, it seems as if sales for both new and existing single-damily homes peaked about a year ago, and the leveling-off could be directly tied to significantly higher mortgage rates.
Right now, the national average for a 30-year fixed rate home loan is right at 4.9 percent, an increase of a full percentage point compared to last November.
Despite the recent market slowdown, it’s still stunning to think that DFW home prices are still nearly 45 percent higher than they were before the housing crash and recession, which is now right around a decade ago.
It’s also worth nothing that Standard & Poor's/CoreLogic Case-Shiller Home Price Index only tracks home prices for preowned single family homes and doesn’t look at condos, townhomes, and new construction.