D-FW Home Prices Rise While Values Fall in Some California Neighborhoods
Dallas-Fort Worth topped other major Texas cities in a new home price comparison. Median home values in the D-FW area were up 5.1% year-over-year in Zillow's July comparison.
Nationwide values increased by 5.2% during the same period.
Home price gains in North Texas topped appreciation in Austin, Houston and San Antonio. But the rate of home value increase in the D-FW area was less than half what it was in the same period last year, when prices rose by 11.8%, according to Zillow.
Home price gains have slowed this year in many major U.S. metro areas. Zillow said home prices have actually fallen in the last year in the San Francisco and San Jose markets. And two previously hot Pacific Northwest metro areas — Seattle and Portland — saw their home price gains reduced to a trickle.
"As talk builds of a potential recession in the next year or two, housing remains fairly stalwart," said Zillow director of economic research Skylar Olsen in the report. "The slowing appreciation is ultimately a good sign that the market is adjusting in response to the growing unaffordability of down payments, while low mortgage rates are keeping those with the required savings interested despite softer growth out the gate.
"The uptick in the rate of homes coming onto the market — a good and true increase in supply — should be a boon to those inventory-starved home buyers still searching near the close of home shopping season."
Some U.S. markets are still seeing high rates of appreciation. Zillow said that median home prices grew by 9.4% annually in Salt Lake City in July. And prices were up 8.1% in Indianapolis and 7.3% in Charlotte. The smallest price gains were in some West Coast and New England markets...