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Sharp increase in home prices in Dallas Metroplex

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According to the recently released S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, the leading measure of U.S. home prices, Dallas was among the top three markets in the country in terms of highest year-over-year gains. The price of the average home there is up 8.6 percent from March 2016 to March 2017.

I have found some interesting numbers:

  • All homes sold in city of Allen in 2016: 1,629 with a median sale price of $308,000. This not really an affordable price anymore. In 2005 in allen have been sold 1,590 homes with a median sale price of $284,800.  Sale price and value increase of 7.5%. This  year, in 2016 in Allen have been sold 727 homes with a median sale price of $337,000
  • Within the city of Plano in 2016 have been sold 3,167 homes with a median sale price of $315,000. Within the 2015 there have been sold 3,297 homes with a median sale price of $295,000.  This represent an increase of 6.3%. In 2017, so far have been sold 1,658 homes with a median sale price of $345,875.
  • In 2016 , in the city of McKinney have been sold 3,574 homes with a median sale price of $$295,000.. During the 2915 has been a very similar number of homes sold: 3,507 with a median sale price of $275,000. A sale price increase year over year of 6.7%. So far, this year we have 1,805 homes sold with a median sale price of $322,500.

Just by looking at those numbers, one question comes to mind: how long this increases can last? I do not think that people’s income are increasing at the same pace with the home prices. At one point we might have a correction.

 

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