Wednesday, August 06, 2014

CoreLogic: DFW home prices expected to rise into next year

Home for sale copy

Dallas-Fort Worth home prices have continued to rise year-over-year by 8 percent in June, with forecasts expecting the trend to continue into next year.

From the previous month, North Texas home prices rose 1.6 percent, according to the Home Price Index report released Tuesday by Irvine, Calif.-based CoreLogic(NYSE: CLGX), which has an office in Westlake.

Nationally, home prices increased 7.5 percent year-over-year in June, with prices increasing 1 percent from May to June.

Texas, along with a number of other states, reached new Home Price Index highs that date back to the origination of the index in January 1976.

"Home price appreciation continued moderating in June with its slight month-over-month increase," said Mark Fleming, chief economic for CoreLogic, in a statement.

The return to moderation is expected to continue throughout the United States and Fleming said it could alleviate concerns over diminishing affordability of homes and the risk of another asset bubble.

Even with the moderation, CoreLogic forecasts home prices will to continue to rise in the future, with projections estimating national home prices will increase 5.7 percent from June 2014 to June 2015.