Dallas-area home prices have hit a record, with 9.7 percent year-over-year growth in October, according to the latest S&P/Case-Shiller Home Price Index report released Tuesday.
Last month, Dallas-area home prices rose 9 percent year-over-year, and the region has seen all-time high home price increases in 2013. The city's 9.7 percent growth for the year ending in October is Dallas' highest home price increase since the inception of the Home Price Index.
Nationally, the 10-city and 20-city composites in the Home Price Index report saw year-over-year gains of 13.6 percent in October, which marked the 17th consecutive month both composites increased on an annual basis.
Even though the composite saw year-over-year gains, 18 of the 20 cities in the composite saw a drop in home prices from September to October. In Dallas, home prices declined a tenth of a percentage point month-to-month in October.
"Both composites' annual returns have been in double-digit territory since March 2013 and increasing; now up 13.6 percent in the year ending in October," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a written statement. "However, monthly numbers show we are living on borrowed time and the boom is fading."
The key economic question facing the housing industry is the future impact on mortgage rates, Blitzer said, adding he expected to see home prices point to single-digit growth in 2014.
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