North Texas’ housing market is experiencing a record year for both sales and prices.
But don’t be surprised if the pace of housing gains slow in 2022.
While home costs in the Dallas-Fort Worth area are up by about 17% in 2021, price increases will likely average just under 5% in the year ahead, predicts Dr. James Gaines, the longtime economist for the Texas Real Estate Research Center at Texas A&M University.
“Many of you are hearing the housing market is losing some steam,” Gaines told members of the MetroTex Association of Realtors in a Friday virtual meeting. “It does appear there is something of a slowdown in the rate of sales going on.
“Affordability has become an issue obviously,” Gaines said. “We are beginning to see the early signs of some sticker price stock. Incomes have not increased as rapidly as home prices and that is throwing everything out of balance.”
North Texas home prices have soared by more than 45% in the last five…