Texas cities including Dallas top list of hot home markets
Texas cities took all the top spots in a new ranking of the country's hottest housing markets.
San Antonio, Fort Worth and Dallas got the highest scores out of 50 cities ranked by Ten-X, an online real estate sales firm.
Austin also made it into the top 10 in Ten-X's fall 2017 housing report.
"The three Texas cities saw double-digit home price gains, yet they remain very affordable areas to buy homes, indicating they have a bright outlook ahead," the real estate firm's report said.
Columbus, Ohio, and Tampa, Fla., also got the nod for their housing markets.
"The cities at the top of our list have consistently seen the most favorable market factors," Ten-X executive vice president Rick Sharga said in a statement. "However, hot housing markets can come and go.
"It remains to be seen what impact Hurricanes Harvey and Irma will have on construction labor forces and housing inventory in Texas and Florida," he said. "Meanwhile, Southern California and Northeast markets continue to cool due to soaring prices and low inventory, which keeps homeownership out of reach for many first-time buyers."
North Texas home prices are now at record levels, having increased by more than 40 percent in the last four years.
So far in 2017, sales are up about 4 percent from the same period in 2016.
"The Dallas market continues its amazing performance," Ten-X analysts said. "While the home sales rate has declined slightly from last quarter's pace, it is still on track to surpass prior peaks and is more than double the nationwide rate. Home prices also continued to outperform the national average, rising to more than 50 percent above their prerecession peak.
"Like other Texas cities, prices remain very affordable with room to grow and only slight downside risk volatility."
Some analysts, including Wall Street's Fitch Ratings, have red-flagged the Dallas-Fort Worth housing market for unsustainable growth. North Texas home prices have been rising at several times the rate of average wage increases.