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DFW Home Prices Continue To Outpace US Average
Dated: March 4 2015
CoreLogic: DFW home prices continue to outpace U.S. average
Mar 3, 2015, 11:21am CST Updated: Mar 3, 2015, 11:36am CST
Home prices in the Dallas area continue to rise, outpacing Texas and the rest of the nation.
Homes prices in the Dallas area increased 9.1 percent year-over-year in January, outpacing the average home prices in the rest of Texas and the United States, according to research from CoreLogic (NYSE: CLGX), which measures home price data.
Dallas' ability to outpace the average home price in the United States falls into a trend of the western half of the nation outpacing the mid-Atlantic and northeast states, said Frank Nothaft, chief economist at CoreLogic.
"In part, these trends reflect the strength of regional economies," Nothaft said. "Colorado and Texas have had stronger job creation and have seen 8 to 9 percent price gains over the past 12 months in our combined indexes."
Home prices are expected to rise throughout 2015 and into 2016, economists said. A big factor in the rising home prices is the dearth of supply in many parts of the country, including Dallas-Fort Worth.
In the Dallas area, home prices increased month-over-month by 1.1 percent in January compared with December 2014, according to the report. Texas' home prices increased 8.3 percent year-over-year.
The demand for homes in North Texas — from new buyers and relocating residents — has fueled home builders to surpass their individual business plans to keep pace. Last year, North Texas home builders constructed nearly 26,000 homes.
By: Candace Carlisle Staff Writer- Dallas Business Journal
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