Experts believe that Dallas home prices will continue to increase as 2012 rolls on. Dallas home owners are finally seeing the recovery that so many people have been waiting for, and home prices are up by their largest percentage in more than 10 years.
According to the monthly Standard & Poor’s/Case-Shiller Home Price Index, November saw year-over-year Dallas home prices rise 5.7%, marking the ninth consecutive month of price improvements. Dallas-area prices were slightly higher than the 20 other major cities that the Case-Shiller Home Price Index includes.
Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University, says inventory issues will continue to drive prices up. He adds, “If the inventory doesn’t improve, we are going to see remarkable price increases this year." North Texas has been especially hit hard by inventory issues, and industry analysts believe that even bigger price increases could be on the way in 2013 as a result.
Gaines notes, “If you own a house and want to sell, it’s probably the best time in years. Right now, we are showing Dallas with a three-month inventory [of listed pre-owned homes], which is virtually nothing. Any kind of house in good condition that is in an attractive neighborhood will get multiple offers and sell for more than asking price.”
To learn more about Dallas homes for sale, please watch our 60-second Dallas real estate market overview.
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