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DFW Housing Market News and Trends
| IT'S PROBABLY NOT A BUBBLE WHEN DEMAND IS OUTSTRIPPING SUPPLY: Think Home Prices Are High Now? Why They're Likely to Keep Going Up. The question now in the Dallas area is just how high home prices will go before other market forces begin to dampen demand. | ||
"Prices are increasing faster than we expected them to because of the continual shortage of new homes coming onto the market," says Senior Economist Joseph Kirchner of realtor.com. "People that had been holding back on buying a home ... now have good, steady jobs and are less worried about losing their jobs and hence are going into the housing market." |
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But with Dallas median home prices at $236,500 and both a shortage of available properties and continuing population growth, there appears to be room for additional housing price increases. Home buyers relocating from California in particular are likely to think Dallas area housing is a bargain. |
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Overall, the West was also the most expensive housing region. The median price for an existing single-family home was $342,500 in the first quarter of the year. Homes weren't cheap in the Northeast either, at a median $255,000. Four of the five most expensive markets were in California. Silicon Valley's San Jose took the lead, as the median existing single-family home came with a $1,070,000 price tag. The metro was followed by San Francisco, at $815,000; Anaheim, CA, at $750,000; Honolulu, at $746,000; and San Diego, at $564,000. |
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Posted on Tuesday, May 17th, 2017 at 9:52 am by H. David Ballinger |
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