Real Estate Rumblings

Dallas single-family home prices may buck appreciation trends

According to a new report from CoreLogic, single-family home prices in the Dallas-Plano-Irving metropolitan area were up 10.4 percent in April 2014 compared to the same period last year. On a month-over-month basis, home prices increased by 2.4 percent in April 2014 compared to March 2014.

These numbers are down only slightly from those reported in March 2014, when there was an 11 percent bump in Dallas home prices and an 11.1 increase across the country. But those April stats still secured Dallas’ No. 7 sport nationally.

What’s happening in Dallas is right in line with the nationwide year-over-year increase of 10.5 percent and month-over-month increase of 2.1 percent. This marks the 26th consecutive month of year-over-year nationwide home price gains; however, this is the smallest year-over-year increase since February 2013.

Although CoreLogic experts anticipate the dearth of inventory — which perhaps explains this lunacy in Sachse — will continue to drive up home prices, they also expect continued appreciation slowdown nationwide. In fact, the CoreLogic HPI forecast predicts only a 6.3 percent increase in home prices from April 2014 to April 2015.

Back in the Lone Star State, CoreLogic reports a 10.3 percent year-over-year increase in the home price index (HPI), which puts Texas in the No. 10 position among the 50 states. The Houston metro area bucks the slowdown trend, reporting gains of 14.1 percent over April 2013 (up from 13.7 percent in March 2014) — enough to earn a No. 3 spot nationally compared to other major cities. Houston ranks behind only the Riverside-San Bernadino-Ontario and Los Angeles-Long Beach-Glendale areas of California.

To determine the HPI, CoreLogic, a residential property information, analytics and services provider, looks at price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same single-family homes over time, which provides a more accurate “constant quality” view of pricing trends, as opposed to views of pricing trends based on analysis of all home sales.

unspecified

No Cap

Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

trends