Feb 24, 2017
DFW housing prices continue to rise, but ‘no bubble’
DALLAS-FORT WORTH – As home prices continue to climb in DFW, North Texas homes are overvalued by 10 to 14 percent, based on Fitch Ratings' latest quarterly sustainable home price report.The rating...
DALLAS-FORT WORTH – As home prices continue to climb in DFW, North Texas homes are overvalued by 10 to 14 percent, based on Fitch Ratings’ latest quarterly sustainable home price report.
The rating comes after North Texas home prices rose 13.4 percent year-over-year, according to Case Shiller’s latest home price report.
"Only 16.2 percent of the new homes sold are affordable to a household in Dallas making the median household income," a Fitch Ratings director said.
The median price of a new home is about $345,000.
That is far more than the maximum amount the median household in Dallas can afford, which is about $240,000.
The affordability issue is something builders and developers alike are trying to overcome, but there’s no "bubble," in the North Texas housing market, said Ted Wilson, a principal at Dallas-based Residential Strategies.
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