Dallas-Fort Worth has had some of the biggest home price increases in the country since the Great Recession.
But a new housing forecast predicts that DFW home values will barely budge over the next year.
Nationwide home values are expected to increase by 4.4% through May of 2019, according to a new report by Veros Real Estate Solutions.
But in the DFW area, the 12 month residential appreciation is forecast is a scant 0.068%, according to the California-based real estate property valuation and risk assessment software firm.
The U.S. metros expected to see the biggest home price gains over the next year are all in the West, according to Veros.
"Washington State and Nevada occupy six of the ten highest-appreciating MSAs in the U.S. and the remaining four are in California, Oregon and Idaho," Eric Fox, vice present with Veros, said in the new report. "Interestingly, the metro markets that are projected to appreciate the most over the next 12 months in this Veros forecast release are also among the most populated, while the markets that are expected to depreciate most are all among the least populated."
Markets projected to have the largest home price declines over the next year include Cumberland, Md. (-1.6%), Farmington, N.M. (-1.1%), and Gettysburg, Pa. (-1%).
Dallas-Fort Worth home prices have been on a tear for the last few years with double-digit gains in 2015 and 2017. And median home prices in North Texas area at record highs.
But so far this year, home sales prices have increased by only about 5% — half the growth rate in the same period of 2017.
And the inventory of homes listed for sale with local real estate agents is at the highest level since 2012.
Most local forecasts call for home prices in North Texas to continue growing in 2019, but at much lower rates than in recent years.
DFW home values are overheated according to recent estimates by Fitch Ratings, Nationwide Mutual Insurance and CoreLogic.
Tribune Content Agency