The Dallas Morning News reported yesterday that CoreLogic’s latest annual comparison shows Dallas-area home prices were up 6.9 percent in 2017, which is in line with the 6.7 percent nationwide gain in July, compared with July 2016.
Dallas home prices are still going up, although they are doing so at a slower rate than in the last two years, the DMN reports. North Texas home prices have risen by more than 40 percent in the last four years. There were times when Dallas home prices increased at twice the national rate. This year the biggest home price gains for July were in Denver, which was up 8.3 percent from a year earlier, and Las Vegas, which was up 7.7 percent.
Frank Martell, president and CEO of CoreLogic, told the Dallas Morning News that “while mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.” However, the “combination of steadily rising purchase demand along with very tight inventory of unsold homes should keep upward pressure on home prices for the remainder of this year,” he says.
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