The North Texas housing market has slowed in recent months with fewer home sales and slower price growth.
But Dallas still made it on Zillow’s list of the top U.S. home market for 2019 thanks to the area’s continued strong job gains.
San Jose, Calif., Orlando and Denver ranked in the top three spots on Zillow’s annual best housing market list. Dallas was number seven just ahead of Nashville.
“Job opportunities play a pivotal role in defining a market’s hotness,” Zillow analysts said in the new report.
With almost 100,000 new jobs created in 2018, the DFW area is one of the country’s top employment markets. Dallas also had one of the biggest population gains of any market on Zillow’s top 10 housing list.
“The U.S. housing market remains plenty warm,” Zillow said. “And some markets — fueled by rapid home value and rent appreciation, job opportunities, income growth and low unemployment — are red hot.”
Dallas moved up in Zillow’s home market ranking from last year, when the area was 10th on the list.
North Texas home sales have slowed significantly in recent months as mortgage rates have inched up. But even with last year’s decline, local real estate agents sold more than 100,000 single-family homes.
Median home sales prices rose by about 5% in 2018 — about half the rate of appreciation in 2017.
Tribune Content Agency