Appears that is a consensus that home prices in the country and Dallas Metro area are facing declines in coming year because of the COVID-19.
Dallas-Fort Worth home prices are likely to be 5.89% lower by next spring, according to the economists from CoreLogic.
While home buying activity to date indicates the housing market will eventually bounce back, the forecasted home price declines will be caused by higher unemployment rates.
Some of the biggest home price drops are expected in Las Vegas (-20.1%), Boston (-11.7%) and Denver (-9%), according to CoreLogic.
Houston-area prices are expected to decline by 7.4% by next May.
The researchers said that 125 of the U.S. metro areas it looked at — including the D-FW area — had a 75% chance of lower home costs a year from now.
North Texas has lost more than 200,000 jobs since the coronavirus infections hit. And home sales were down significantly in April and May compared with a year ago.
So far there have only been negligible declines in North Texas home costs. In May, median prices of preowned single-family homes sold by property agents were 1% lower than a year earlier.