Dallas, TX (PRWEB) June 07, 2014
The Dallas-Fort Worth housing market continues to appreciate at a blistering pace amid a flourishing local economy and strong demand to live in the area. Prudential Texas Properties cites data that find local home prices have risen 10 percent from a year earlier and have exhibited a 1.2 percent gain month-over-month.
According to the latest Case-Shiller Home Price Index, which is released with a two-month lag time, data tabulated for the month of March shows that home prices have appreciated 10 percent over the last year and saw a 1.2 percent gain from February to March.
This marks the fourth month in a row that Dallas-Fort Worth area home prices have increased at rates in the double digits. Case-Shiller also reports that home prices in Dallas-Fort Worth are now 6 percent higher than they were when the market reached an all-time peak in 2007.
North Texas has seen a continual surge in prices in recent months due to its booming local economy and job growth, which are factors that have prompted an extreme demand for housing in the area. This has left some home buyers perplexed as inventory has remained at a low level, which has helped to drive prices up in light of such a strong demand.
“This is a market that is just not letting up,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “There is such a strong demand to live here that prices will continue to climb. Hopefully, prospective buyers will start seeing an influx in inventory soon.”
Altos Research, a California-based real estate analytics company, reports that as of May 23 the median single-family home price in Dallas is $353,127. After dipping sharply toward the end of 2013 and the beginning of 2014, inventory looks to be on the rise and was reported by Altos to be up to 2,074 properties on the market.
Market watchers hope to see this value continue to rise as the spring selling season heats up.
“An increase in inventory would be great” continues Flynn. “We want to meet demand, not curb it.”
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