Austin-area home prices are growing at twice the D-FW rate

Home prices in the Austin area are growing more than twice as fast as other major Texas metropolitan areas, up nearly 30% year-over-year in June, according to the latest report from CoreLogic.

Nationwide, home prices were more than 17% higher than in June 2020 – the largest increase of its kind in more than 40 years.

“The recent double-digit price jump reflects the convergence of exceptional demand and persistently low supply,” said Frank Martell, President and CEO of CoreLogic, in the new report. “With lots of cash on the sidelines and very low mortgage rates, prices will rise and affordability will become a more pressing issue for the foreseeable future.”

In the June report by CoreLogic, home prices in the Dallas area were 13.4% higher. And in the Fort Worth area, prices were up 14.6% from June 2020 levels.

The median prices for single-family homes sold by real estate agents rose even more sharply in June – up 23% year over year.

The severe shortage of housing in the market in the Dallas-Fort Worth area and across the country has resulted in unprecedented increases in the cost of home ownership.

“The pandemic sparked an increase in shoppers’ desire for lower density and more living space – both inside and outside of their home,” said Dr. Frank Nothaft, Chief Economist at CoreLogic. “Communities with single-family homes meet this need. In June, single-family homes saw the highest annual growth since the CoreLogic House Price Index was introduced in 1976. “

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