The spring market brought about many changes for industries of all kinds across the country, real estate included. But despite the outbreak of the coronavirus, Dallas area home prices increased 2.8% year-over-year in March according to data released by the S&P CoreLogic/Case-Shiller home pricing index.
It is worth noting, however, that the increase does represent one of the smallest year-over-year gains in the past eight years, suggesting the pandemic has had some negative impact on our local market.
In addition, much of March's activity happened before significant action was taken, and with most of the country closing in the following weeks, April's data may reflect a much more noticeable effect.
A total of 19 major U.S. Markets were included in the monthly study by Case-Shiller with Dallas having one of the smallest annual home price gains. Phoenix recorded the largest increase with an 8.2% rise in home prices from March 2019.
Home prices were up 6.9% in Seattle and 5.8% in Charlotte for the same period.
Currently, DFW home prices remain at record levels and have spiked an incredible 70% since the “Great Recession.” And even though the COVID-19 pandemic has introduced a lot of uncertainty into the market, optimism among most industry experts remains high, even as April and May's data is expected to reflect a slow down in home sales with a reduced inventory available.