Is the local market cooling down? A new report from Trulia ranks Dallas among 10 U.S. markets where list prices have stalled — or even fallen — over the past year.
The real estate site used information from "Trulia Data Central" to identify "cool markets and give some context around the sluggish price performance," according to a release. In total, four Texas metros appear on the list: two with price decreases — San Antonio and Austin — and two with prices that stalled — Houston and Dallas.
Dallas-Plano-Irving appears at No. 8 on the list, with a median listing price up only 0.5 percent from last year. Currently, the median listing price is $356,999, up $1,671 from $355,328 in March 2017.
But, before we dare call it a cold market, Trulia's managing editor David Weidner offers a little insight into the stalled pricing and reminds that home values are still on the rise.
"First, Texas home values continue to rise. That means if you have a home in Texas, its value is appreciating," he tells CultureMap. "Second, Texas metros are building at some of the fastest rates in the country. The new housing is priced roughly at levels of a year ago, suggesting that new supply is keeping up with demand."
While prices may be flat, home values in the Dallas area are appreciating like crazy, up 15.14 percent year-over-year to $247,130. Trulia says Dallas is the leader of the Texas building boom and notes that "Dallas’ willingness to build is offsetting any demand pressure in the market."
Houston comes in right ahead of Dallas at No. 7 on the list. The median listing price there is $299,520, up just $1,216 from March 2017. Home values are up 5.42 percent year-over-year to $196,155.
San Antonio and Austin take the No. 1 and 2 spots on the list, with median listing prices down 5 percent and 3 percent, respectively. Like elsewhere in Texas, values are on the rise. Home values in San Antonio are up almost 7 percent year-over-year; in Austin, they're up more than 5 percent since March 2017.