1Q 2015: Dallas housing shortage; home prices soar1Q 2015: Dallas housing shortage; home prices soarhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=11972015-04-24T12:54:00Z2015-04-24T08:45:00Z

DALLAS - A shortage of properties kept the lid on Dallas-area home sales in first quarter 2015.

That lack of inventory caused prices to soar — up 13 percent from 1Q 2014, according to a comparison of Dallas-area neighborhoods.

Some of the biggest jumps in prices were in southern Dallas County — where there’s an acute shortage of affordable homes to purchase.

Median home sales prices rose 42 percent in Oak Cliff, 24 percent in DeSoto and 19 percent in Southern Dallas.

There were also big first-quarter median price increases in North Dallas, where prices were up 20 percent. Even if mortgage costs creep up later this year as analysts predict, don’t expect a softening in housing demand.

“I think a slight increase won’t make much difference, and that is the most likely result,” said James Gaines of the Real Estate Center at Texas A&M University. “Any increase will have a short-term psychological effect, but it shouldn’t amount to much.”

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/residential-real-estate/20150423-housing-shortage-sends-dallas-area-home-prices-into-overdrive-in-first-quarter.eceRead more at {Source}

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