File photo
File photo
Homes in the Dallas area increased in price in March, even as the COVID-19 pandemic first hit the state.
"March’s data witnessed the first impact of the COVID-19 pandemic,” Craig Lazzara with S&P told the Dallas Morning News. “That said, housing prices continue to be remarkably stable."
S&P released a home price index to show the price of homes in Dallas rose by 2.8% in March, according to the Morning News. In the nation, they rose by 4.4%.
“Housing prices have not yet registered any adverse effects from the governmental suppression of economic activity in response to the COVID-19 pandemic,” Lazzara told the Morning News. “As much of the U.S. economy remained shuttered in April, next month’s data may show a more noticeable impact.”
While home prices were increasing in March, they have slowed throughout the rest of the pandemic.
“While the pandemic has introduced a lot of uncertainty about the economic outlook, the strong demand leading up the pandemic suggests there are many buyers who are still looking to buy a home but are waiting for the economy to open up,” Selma Hepp, CoreLogic’s deputy chief economist, told the Morning News. “Certainly, recent data suggests home buying activity picking up, which amid low for-sale inventory levels will continue to prop up home prices.”
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