3 new reports show why Dallas housing market is booming
Home prices beat national average
Tucked into all the hottest housing markets lists jam-packed with California markets, there remains one city outside the Golden State that keeps on making the cut, Dallas, as seen here, here, here and here.
The Dallas-Fort Worth housing market is booming, with several industry reports coming out on Tuesday showing the current flourishing state of the city.
For starters, home prices in the city are well above the national average. According to the S&P CoreLogic, Case-Shiller Indices released on Tuesday, Dallas home prices were 8.9% higher in June from a year earlier and were 0.9% higher from a month earlier. This is compared to nationwide home prices increasing 5.1% in June.
The Federal Reserve Bank of Dallas also published its Texas Service Sector Outlook Survey on Tuesday, citing that the Texas service sector activity continued to reflect expansion in August. However, it noted that it was at a slower pace than in July. Additionally, the survey noted that the state’s employment index edged up from 2.5 to 3.7.
The Dallas Fed conducts the survey monthly to obtain a timely assessment of the state’s service sector, and the data is collected from a survey of 276 Texas business executives that answer questions on revenue, employment, prices, general business activity and other indicators.
Given these current conditions, the reports come full circle, with five cities in the DFW area making the top 10 in WalletHub’s best real estate markets list, including locking in the top three spots.
Plano, Texas, squeezed into the ninth spot, while Allen, Texas made the sixth spot.
Richardson, Texas, McKinney, Texas and Frisco, Texas made up third, second and first, respectively.
In order to identify the best real-estate markets, WalletHub said its analysts compared 300 cities across two key dimensions, namely “Real-Estate Market” and “Affordability & Economic Environment.”