Dallas Home Prices Appreciate 10 Percent

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Prudential Texas Properties reports, citing data from CoreLogic, that Dallas home prices continue to rise to new highs as they appreciated 10.4 percent in April making Dallas one of eight major cities to see increases by the double digits.

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Home buyers are wanting to get into the area and this is creating an ideal situation for home sellers who are seeking top dollar for their Dallas homes.

As inventory of homes goes down but desirability of living goes up, Dallas home prices are seeing nothing but appreciation. Prudential Texas Properties cites data that reports that home prices in Dallas have increased 10.4 percent since this time last year.

CoreLogic recently released its Home Price Index Forecast, which revealed that Dallas and homes in surrounding cities saw an increase in median home prices in April 2014 of 10.4 percent. Excluding distressed homes, the levels of which are at record lows, the median value of Dallas-area homes still increased 8.5 percent.

Dallas was among eight major cities across the U.S. that saw appreciation rates in the double digits.The largest rate of increase was noted by CoreLogic to be Riverside, California, where prices rose 19.7 percent from April 2013.

CoreLogic indicated that Dallas is right in line with national trends as the country has seen an average appreciation rate of 10.5 percent in April.

“Dallas is a coveted area for home owners,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “Home buyers are wanting to get into the area and this is creating an ideal situation for home sellers who are seeking top dollar for their Dallas homes.”

Low inventory has been the name of the game as prices have been, and will likely continue, rising. Altos Research, a California-based real estate analytics company, has reported that the average price for a single-family home in Dallas has reached $357,812 as of May 30.

Things look to be improving as Altos is indicating that inventory in Dallas is trending upward. As of May 30 there were approximately 2,093 properties on the market, which was a week-over-week gain of about 19 properties. Market watchers anticipate this figure to climb as home sellers decide to take advantage of a very advantageous market.

Click here for a 60-second Dallas home market update.

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