Thursday, November 14, 2013

Is Dallas housing too hot? Trulia says it may be

Dallas is one of more than a dozen U.S. markets where home values are rising faster than fundamentals would suggest. (AP)
All of Texas’ major cities – including Dallas – have made it onto a list of housing markets that analysts at Trulia Inc. say are overvalued.
Austin, Houston, San Antonio and Dallas are all included among major cities that the folks at Trulia say are overheated with housing prices that are ahead of market fundamentals.
Only 16 of the 100 U.S. cities that Trulia tracks for its “bubble watch” report are considered overvalued.
The worst is Orange County in southern California where home prices are 13 percent ahead of where they should be, Trulia estimates.
Austin is the most overheated Texas market with a 10 percent price bubble.
Trulia estimates that Dallas-area home prices are 4 percent higher than they should be given our economy and housing markets.
Median home sales prices in North Texas are up about 10 percent this year from where they were in the first 10 months of 2012.
By Steve Brown