According to a recent report by VeroForecast, the Dallas housing market is cooling off and a big upward movement in home pricing is in store for the Pacific Northwest and Nevada. Nationwide, the report says prices are expected to rise by less than 5%. "Our latest VeroForecast indicates that on average, for the top 100 most populated metro areas, we expect 4.5% appreciation over the next 12 months," said Eric Fox, vice president of statistical and economic modeling at Veros. "We are forecasting that the overwhelming number of metros across the nation, approximately 97%, will appreciate, with just three percent depreciating during this period."
Veros' home price prognostication is in line with the latest take by the National Association of Realtors. When Realtors chief economist Lawrence Yun was in town last week, he predicted that nationwide median home prices will rise by about 8 percent over the next two years.
Median sales prices in North Texas were up 9 percent last year, and rose 10 percent in 2016 and 2015 and were 11 percent higher in 2014. Through the first nine months of 2018, median sales prices of houses sold by local real estate agents are just 5 percent greater than the same period last year.
Most of the major home price gains next year will be in Washington State and Nevada, according to Veros Real Estate Solutions.A forecast for the next 12 months sees 2.1 percent home price growth in the D-FW area, according to CoreLogic. That's much less than their U.S. 1-year price forecast rise of 4.7 percent.
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