Dallas-area home prices slightly ahead of national gains

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Dallas-area home prices grew slightly faster than the nationwide rate in the latest comparison by CoreLogic.

Home prices were 7.5 percent higher in the Dallas area in March compared to a year earlier.

Nationwide home prices rose 7 percent in the same 1-year period.

CoreLogic forecasts that national home values should grow by just more than 5 percent in the year ahead.

"Home prices grew briskly in the first quarter of 2018," Dr. Frank Nothaft, chief economist for CoreLogic, said in the new report. "High demand and limited supply have pushed home prices above where they were in early 2006.

"New construction still lags historically normal levels, keeping upward pressure on prices."

CoreLogic estimates that about 37 percent of U.S. home markets are overvalued. And the Dallas-area is one of those markets where analysts say housing costs have gotten ahead of fundamentals.

The largest annual home price gains in March were in Las Vegas, up 12.6 percent, and San Francisco, 10.8 percent.

North Texas home prices are at record levels and have increased 6 percent year-over-year in the first quarter, according to sales data from local real estate agents.

The rate of Dallas-Fort Worth home price gains has slowed in recent months due to a larger inventory of properties and higher financing costs.

Source: CoreLogic

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