Home prices are heating up in Oklahoma City but plunging in Austin. In Dallas-Fort Worth, single-family prices inched up by 1.9% over last year in the first...
Home prices are heating up in Oklahoma City but plunging in Austin. In Dallas-Fort Worth, single-family prices inched up by 1.9% over last year in the first quarter.
Dallas-Fort Worth was the only major Texas market that saw a year-over-year home price gain in the first quarter.Austin and Oklahoma City are only about 400 miles apart. But they’re in totally different worlds in the housing market. The Austin area saw home prices plunge by 13.5% in the first quarter, while up Interstate 35 in Oklahoma City, median single-family prices soared 14.7% from a year earlier, according to the latest estimates by the National Association of Realtors.
Austin home prices have seen some of the greatest gains in the country during the last decade, but now the market is giving back some of those increases. During the same period, Oklahoma City experienced more modest housing appreciation. “Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes,” Realtors’ Chief Economist Lawrence Yun said in the report. “Home prices are also lower in cities that previously experienced rapid price gains.”
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