According to a recently released report from CoreLogic, Dallas-Fort Worth home prices were up an astounding 9.1% year over year in October—a number that continues to follow a trend the entire region is seeing, which is also well above the national average of 6.1% in that same timeframe.
While the Dallas-Fort Worth area is seeing the largest rise in home prices, the entire state of Texas is also experiencing relatively high increases over the past year, with statewide pricing up 8.7% from October 2013 to October 2014.
Based on projections from some economists, home prices all throughout the U.S. are expected to rise, with around half of the country believed to reach or surpass price levels seen prior to the housing bubble at some point in 2015.
Along with that, Jonathan Smoke, Chief Economist for realtor.com®, also had some intriguing comments relating to the outlook of the housing industry in 2015, claiming that pent up demand could bring substantial increases in home sales next year, pending existing credit standards are modified that allow for lower down payments.
According to Smoke, there's been lower than normal activity around the U.S. as far as home sales go over the last 5 to 6 years, with many would-be home buyers waiting until a full economic recovery to purchase a home or until financing can be obtained, which has become increasingly difficult to accomplish, especially for young home buyers. Although key credit issues and looser lending standards are still unclear at this point however, job growth and income growth are also on the rise right now, which should still lead to more home sales in the near future, regardless of what happens on the lending front.
In any case, it's an exciting time for the Dallas-Fort Worth real estate market, so to begin your home search, click here now, or call Kenneth Cox today at (214) 764-4124 to start viewing available homes now!