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Home prices in the Dallas area continued to rise in March, even as the COVID-19 pandemic took hold.
Metroplex prices jumped 2.8% from last year while nationwide prices increased 4.4% in the closely watched S&P CoreLogic Case-Shiller home price index, The Dallas Morning News reported.
“March’s data witnessed the first impact of the COVID-19 pandemic,” Craig Lazzara with S&P said in his company’s report. “That said, housing prices continue to be remarkably stable.”
Lazzara added that housing prices show no signs of the government’s efforts limiting economic activity in the face of the outbreak, saying April’s report could provide more clarity.
CoreLogic’s Selma Hepp told The Dallas Morning News that high demand before the pandemic indicates that buyers are still shopping around and are waiting for the economy to fully return before making their next move.
“Certainly, recent data suggests home buying activity picking up, which amid low for-sale inventory levels will continue to prop up home prices,” she said.
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