Dallas-Fort Worth's housing scene is turning up the charm! Despite a bit of a tango with higher mortgage rates, home prices are still showing their moves. We're talking about a fifth straight month of price increases in June, almost reaching last year's sky-high record.
Hold onto your hats, or really your wallets! From May-June, local home prices snuck their way up by 0.7%, and they've been twirling to the tune of a 4.8% increase since January. Now back in March, there was a surprising dip of 1.2% in year-over-year prices according to the Case-Shiller index. Despite that little hiccup, local prices are only 4.1% below their pandemic peak in June 2022. And when it comes to sliding prices, other cities like San Francisco, Seattle, Las Vegas, and Phoenix took a much bigger slide in the same timeframe.
Craig Lazzara, the man behind S&P Dow Jones Indices, said, “Sure, rising mortgage rates or a bit of economic blues could rain on this parade. But hey, this month’s report is all sparkles and jazz hands, setting the stage for a hopeful future.” That wild ride from March 2020 to June 2022 shot up local home prices by a whopping 58%, as per the Case-Shiller index. Meanwhile, the entire U.S. was grooving at a 43% increase.
Now, let's talk numbers. In July, the median single-family home price strutted at $415,000, keeping the same swagger as in June. In the nationwide dance-off, Chicago, Cleveland, and New York were the flashy winners, reporting the highest year-over-year gains in June. But there's always a flip side and half of the cities in the index showed some dips.
Just when we thought this party was non-stop, here comes CoreLogic's chief economist, Selma Hepp, with a dose of reality. The higher mortgage rates have thrown a little hitch into the giddy-up, making it a tad tricky for eager buyers. So, while the music's playing, it might not be the wildest ride for the rest of the year.
So there you have it, the DFW housing scene — a mix of moves, a dash of dips, and a hint of caution as we ride out the rhythm of the market!
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