Planning on buying a home in the Dallas Texas Real Estate Market? If so, you may be surprised to know that some experts still think that the DFW Real Estate market is still too hot even though the nationwide real estate market as a whole seems to be slowing down.
Is the Market Too Hot or Just Right?
Still overvalued — that’s the latest assessment of the Dallas housing market by one of Wall Street’s big rating firms.
Dallas-Fort Worth home prices are 10% to 14% ahead of where they should be, according to the latest report by Fitch Ratings.
D-FW is one of six major U.S. metro markets where Fitch said that home prices were overheated in its second-quarter survey.
“Fitch estimates that home prices in approximately 18% of the country’s metropolitan areas are more than 10% overvalued,” the new analysis says. “Close to one-half of these counties are in Texas, Florida, and California.
“Among the top 50 most-populated metropolitan areas, San Antonio, Austin, and Las Vegas are estimated to be more than 20% overvalued.
“Fitch Ratings estimates that national home prices are currently 1.4% overvalued on a population-weighted average basis.”
The Wall Street analyst looks at home prices and economic conditions in the country’s 20 largest markets for its quarterly Sustainable Home Price report.
The D-FW area has been on Fitch’s home price watch list for several years now.
The just-released report shows that Las Vegas’ home values are the most out of whack — 20% to 24% overvalued.
North Texas home prices have shot up by almost 70% from where they were at the worst of the recession to current record levels.
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