An interesting report surfaced in the Dallas Morning News today, which suggested we may see slow down in price jumps in the local real estate market. With inventory down and job growth increasing in the DFW region, home prices in the area were up nearly 10% in 2015 from the previous year, making it the largest annual increase of any market in the country according to CoreLogic Inc.
But if you believe a recently released forecast from realtor.com, 2016 could see home price increases significantly slow, with some predictions showing that single-family homes might only see a 2% increase next year.
The thinking behind the slowdown is pretty logical and largely relates to an increase in housing supply, as well as a softening in job growth as well. As noted in the report, home price gains over the last two years have actually been more than twice the long-term average, which is exciting news for just about anybody living here or perhaps thinking about selling their home right now.
A boost in population can only lead to great things for the DFW area in both the immediate and long-term future, and with home sales in North Texas expected to rise 7% in 2016, it’s also a great time to be working in the real estate industry as well.