The latest Standard & Poor's/Case-Shiller Home Price Index has officially been released, which revealed more of what we already knew—home prices in Dallas are still on the rise.
But despite a 6.9% jump, the increase is actually the smallest percentage rise for the DFW area in nearly five years.
After seeing record highs for most of 2017, price gains are apparently starting to slowdown a bit, which is great news for anyone still in the market for a new home. Available inventory is finally starting to expand and some would-be home buyers are also starting to hold-back with buyer competition so strong, ultimately slowing price growth.
Compared to nationwide home prices, DFW’s increase is still slightly above the country’s overall 6.3% hike from year earlier, and it’s still too soon to tell whether or not the market is starting to level off.
Combined with higher prices, mortgage rates are also starting to rise as well, which could certainly be another major factor impacting sales in 2018.