Home prices in the area exceed the US average

Home prices in the Dallas area have jumped nearly 24% and topped state and national gains in the latest national survey, as reported in weekly real estate updates by Allie Beth Allman & Associates.

July’s annualized increase of 23.7% exceeded the 19.7% national average gain in the S&P CoreLogic Case-Shiller Home Price Index. July was the fourth month in a row that the growth rate reached an all-time high. Home prices in the Dallas area have climbed more than 45% in the past five years.

Meanwhile, Golden State officials believe they have an answer to the limited and costly housing problem in their state: They will simply put more people on even less land, a spokesperson for Allman said. California Governor Gavin Newsom recently signed a law allowing duplexes to be built on most properties with one house. The median price of a home in California rose 144% (from 2000 to 2019) to reach $ 591,866. Local officials had opposed the legislation because they said it removed too much local zoning control and would not address the issue of affordable housing.

DFW home building permits were down 14% in August from a year ago. Texas A&M University’s Texas Real Estate Research Center said it was the first drop in single-family home permits in more than a year and the most annualized declines since 2019.

To subscribe to weekly real estate updates in the Allmanac newsletter, visit the site alliebeth.com/registerfornews.

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About Robert Valdivia

Robert Valdivia

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