Friday, February 06, 2015

DFW home values rise 7.4 percent to $356B

House for sale

Home prices in Dallas-Fort Worth haverisen throughout the year, so perhaps it's no surprise that Dallas-Fort Worth home values rose 7.4 percent in 2014, outpacing the overall U.S. rate.
The average home price in November was $150,900 in North Texas. Dallas-Fort Worth's home values grew 7.4 percent in 2014.

North Texas home values are expected to total $356 billion, a 7.4 percent bump year-over-year — which outpaces the national rate that's expected to grow 6.7 percent this year, according to a Zillow report released Friday.

The total value of homes in the United States is expected to total $27.5 trillion by the end of the year. During the recession, home values lost $6.1 trillion between December 2006 and December 2011, according to Zillow research.

Last year, the U.S. rate increased 8 percent, which is a sign of the housing industry leveling off, Zillow Chief Economist Stan Humphries said.

"As we conclude 2014 and look ahead at 2015 and beyond, housing will play a bigger role in the broader economic recovery," Humphries said in a prepared statement.

"As the job market improves and more households form, more people will search for homes to buy and rent, which will translate into more people buying appliances and homes goods and lead to more jobs for home builders and contractors," he added.

Other markets outpacing the U.S. rate of housing value recovery include Miami at 13.6 percent, Atlanta at 12.8 percent and Houston at 11.9 percent.

Candace Carlisle, Dallas Business Journal