Dallas-area home prices continued their string of record gains in the latest Standard & Poor’s/Case-Shiller Home Price Index.
Home prices in the Dallas area rose 9.9 percent in November from a year earlier in the report issued this week and reported by the Dallas Morning News.
November’s gain was a little above the 9.7 percent increase recorded in October.
But it’s still less than the 13.7 percent year-over-year average residential value rise in all the 20 cities Case-Shiller tracks. This is probably a good thing in the long run. This is how bubbles happen and as anyone that owned a home in Las Vegas can tell you, what goes up that quickly, comes right back down just as fast!
“November was a good month for home prices,” S&P’s David M. Blitzer said in the report. “Prices typically weaken as we move closer to the winter.
“Beginning June 2012, we saw a steady rise in year-over-year increases,” he said. “November continued that trend with another strong month although the rate of increase slowed.”
The largest annual home price increases were in Las Vegas, 27.3 percent, and San Francisco, 23.2 percent. San Francisco is due mainly to a shortage of available homes or land to build more upon. Very tight supply.
For all of 2013, North Texas preowned home prices rose about 10 percent from 2012 levels based on data from sales by real estate agents and provided to North Texas Real Estate Infomation Systems Inc. (NTREIS).
Case-Shiller’s index tracks over time the prices of specific single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties — not new construction.
Condos and townhomes are also seeing this increase in prices along these same lines especially in Uptown Dallas. If you would like to see numbers on your home or condo and what it would sell for in today's market, just let me know and I'm happy to do a market analysis for your specific property.
Alan Shaffer has been specializing in buying and selling Dallas area homes since 1997, and is a member of the National Association of Realtors (NAR). With a strong sense of client service, Shaffer has built his highly successful business through a systematic home selling system that involves extensive online and offline promotion using an innovative approach. Educated at the University of Texas in Arlington with degrees in marketing and art history, his professional expertise includes buyer representation, foreclosures, condominiums, and extensive online marketing of homes using all available media, including the MLS (Multiple Listing Service). Shaffer's service areas include Uptown, Oak Lawn, Lakewood, Kessler Park and North Dallas.
214.335.8956
alan@claystapp.com
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