Dallas is top U.S. home market in new Chase consumer poll

The Dallas housing market gets top marks in a new consumer study by JPMorgan Chase.

The banking giant teamed up with Pulsenomics to ask homeowners about current market conditions, their aspirations for homeownership and outlooks for home values and affordability.

Dallas headed the housing confidence ranking ahead of Denver, Las Vegas and San Francisco, according to Chase.

"These record results were driven by healthy assessments of local real estate market conditions among existing homeowners, but even more so by surging expectations among renters," Terry Loebs, founder of Pulsenomics, said in the report. "Seven in 10 renters now express confidence in their ability to afford a home someday, and nearly three-quarters of those with an opinion say that buying a home is the best long-term investment a person can make."

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Dallas-area residents polled by Chase in the survey had the strongest homeownership aspirations.

Eighty percent of Dallas renters Chase surveyed said they are confident they will eventually own a home. And 70% said they plan to purchase in the next five years.

More than 60% of Dallas-area homeowners Chase quizzed said it is a good time to sell.

Almost 90% of homeowners said they expect prices in their neighborhood to go up or not decline.

North Texas home sales are about 4% higher so far in 2018 compared with the first five months of 2017. And prices in the area have risen 5% from a year ago.

"Affordability remains a top focus for buyers in the market today, but we are encouraged by the overwhelmingly positive outlook across the country," Amy Bonitatibus, chief marketing officer for Chase Home Lending, said in the report.

Tribune Content Agency
Housing markets Purchase Home prices Real estate JPMorgan Chase Texas
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