This summer continues to be one of the hottest summers in Texas in regards to home prices, especially in the Dallas Fort Worth area. Nationally, the Case-Shiller 20 city Home Price Index shows a 4.9% annual rise for the month of May this year, continuing the trend of growing housing prices across the country.
According to the CEO of CoreLogic, a leading provider of financial, property and consumer information, analytics, and business intelligence, “The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight.” In CoreLogic’s Home Price Index Report from June, 2015, Dallas tops the single family Housing Price Index (HPI) for June at a 8.6% increase from June of 2014.
More increases in the housing price index are likely to come as the trend shows no signs of decreasing. The 30-year-fixed mortgage rate also supports this claim for the time being. July’s 30-year-fixed rate of 4.05% still comes in lower than last year’s 4.12% according to FreddieMac, although forecasters are predicting a slow rise over the next year.
If you’re in the market to purchase a new home, there’s not a better time to buy than now. By getting your financing in place and approved before you start, you and your agent will have more negotiating power when you find that perfect home. I hope you’ll get started on your journey by contacting me to help you get your financing in place today. You can reach me at 214-770-1499 or by completing my complimentary mortgage plan here.