As apartment price gains are slowing throughout DFW, area home prices are up 7.8 percent according to a new report out from CoreLogic, which is slightly ahead of the nationwide increase of 7.2 percent.
Back in May, the median price for a pre-owned single-family residence was just 5 percent higher from May 2017, and that’s about what CoreLogic is projecting for nationwide home prices over the next 12 months.
As noted in the report, increases in mortgage rates are continuing to lead to fewer homes on the market, ultimately driving home prices up. There’s also a noticeable shortage of entry-level homes available in just about every major market, DFW included.
During the first quarter of 2018, nearly 50 percent of all existing home owners had a mortgage rate of 3.75 or less. May’s numbers show home buyers are paying a 4.6 percent mortgage rate, which is undoubtedly keeping some would-be sellers from testing the market.
Despite Dallas-area home prices jumping by nearly 8 percent, we’re still well below markets that saw the highest gains, which includes Las Vegas at 12.4 percent and San Francisco at 11.4 percent.