While home prices plummet in some U.S. markets, they continue to climb in Dallas-Fort Worth, indicating that the region may have escaped a post-housing boom crash.
Home prices in DFW increased by 0.7 percent from May to June, and they’ve risen 4.8 percent since the start of 2023, the Dallas Morning News reported, citing the S&P CoreLogic Case-Shiller home price index. Nationwide, prices jumped 0.9 percent from May to June.
High interest rates have pushed down property values across much of the nation since the post-pandemic housing boom peaked last summer. In March, DFW’s home values dropped 1.2 percent compared to one year prior, marking the region’s first year-over-year decline since February 2012.
North Texas has bounced back, though. DFW’s prices still may be 4.1 percent lower than its pandemic peak, but that figure is considerably better than markets like San Francisco, Seattle, Las Vegas and Phoenix, where prices have fallen by 9.7, 8.8, 8.2 and 7.5 percent, respectively.
“We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results,” Craig Lazzara, managing director of the S&P Dow Jones Indices, told the outlet.
Moreover, the median single-family home price in DFW was $415,000, flatlining since June. It could be a while before the region sees price gains similar to post-Covid years, but consecutive month-to-month increases show that it’s trending in the right direction. However, the recent price jumps could merely be a result of seasonality, as housing markets are typically hottest during the spring and summer.
—Quinn Donoghue
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