Dallas-area home prices jump again in latest survey

Only Austin had greater Texas home price gains.

Dallas home prices rose faster than the nationwide rate.(Steve Brown )

Dallas-area home prices rose by more than 20.5% in the latest nationwide survey.

Only Austin had a larger year-over-year price gain among the major Texas markets in November, according to the new report from CoreLogic.

Nationwide prices were up 18.1% from November 2020.

“Over the past year, we have seen one of the most robust sellers’ markets in a generation,” Frank Martell, president and CEO of CoreLogic, said in the report. “While increased interest rates may help cool down homebuying activity, we expect 2022 to be another strong year with continuing upward price growth.”

Austin had one of the largest annual home price gains among the cities CoreLogic surveyed, with median home costs up 31.3% from a year ago.

Prices were up 30.5% in Phoenix and rose by more than 24% in Las Vegas.

Among Texas markets, home prices were 18.3% higher in Fort Worth and rose by 17.3% in San Antonio.

In the Houston area, home prices were up 14.8% from a year earlier.

CoreLogic is forecasting that home prices across the country will rise by only about 3% in the next year. But previous forecasts of slower appreciation have missed the mark.

“Interest rates on 30-year fixed-rate mortgages averaged a record low of 2.96% during 2021, helping to keep monthly payments low in the face of record-high home prices,” said Dr. Frank Nothaft, chief economist at CoreLogic. “However, the Federal Reserve appears poised to allow interest rates to rise in 2022. Higher rates will intensify buyer affordability challenges, especially in overvalued local markets.”

North Texas median single-family home prices are at a record high of about $350,000 — up about 50% in the last five years.

Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.

stevebrown@dallasnews.com @SteveBrownDMN

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