Dallas area home prices continued to climb year-over-year, matching expectations in the North Texas residential market, says Ted Wilson, principal of Dallas-based Residential Strategies.
The Dallas metropolitan area's home prices rose 7 percent year-over-year in January, according to Standard & Poor's/Case-Schiller Home Price Indices released Tuesday. Dallas area home prices remained flat in January, compared with the previous month.
"Home prices are still trending upward," Wilson said, of the data. "I'm sure it will go on for the next year or so, as long as the rates stay low."
Low interest rates — about 3.2 percent on a 30-year mortgage — gives homebuyers 30 percent more buying power, which gives room in the market for home prices to rise, he said. Expect home prices to continue to rise if interest rates remain low, Wilson said.
It's unclear how rising interest rates would impact the recovering residential market, he said.
The trend is being seen throughout the nation, with an increase in home prices year-over-year of 7.3 percent in a 10-city composite and 8.1 percent in a 20-city composite, according to the Standard & Poor's/Case-Schiller Home Price Indices report.
Written by Candice Carlisle - http://www.bizjournals.com/dallas/news/2013/03/26/ted-wilson-the-reason-behind-rising.html?iana=ind_rre
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