The Dallas-area had the nation’s second-largest jump in home prices in June, according to a new report by CoreLogic. Dallas home prices rose 9.3 percent compared with June 2015 prices.
Only Denver – with a 10.2 percent year-over-year price gain – had a bigger increase among major U.S. cities. Nationwide, prices rose 5.7 percent from a year earlier.
“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Local markets with strong economic growth have generally had stronger home-price growth.”
CoreLogic forecasts that nationwide home prices will grow by 5.3 percent during the next three months.
North Texas home prices have risen by more than 40 percent in the last five years, according to Steve Brown, real estate editor at The Dallas Morning News. And home prices in the area are about 50 percent ahead of where they were at the peak of the last housing boom in 2007.
In June, the median price of single-family homes sold by North Texas real estate agents hit an all-time high of $237,500.
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