The Dallas-area's home price gains have earned it a place among the fastest appreciating housing markets at midyear.
Dallas ranked behind only Portland, Seattle and Denver in the latest Standard & Poor's/Case-Shiller home price index of rising values.
Dallas home prices were 8.9 percent higher in June from a year earlier in the monthly report.
Nationwide prices rose 5.1 percent in the same period.
"Home prices continued to rise across the country led by the west and the south," S&P's David M. Blitzer said in the report. "Overall, residential real estate and housing is in good shape."
All 20 of the major U.S. home markets Case-Shiller tracks showed year-over-year gains in June. The smallest increases were in the Northeast and Midwest.
Portland led the nation with a 12.6 percent gain. Prices were up 11 percent annually in Seattle and 9.2 percent higher in Denver.
Dallas-area prices have grown by between 8 percent and 10 percent annually for more than a year in the Case-Shiller housing market survey.
Dallas area prices are at record levels in the Case-Shiller index - more than 25 percent greater than in 2007 at the peak of the last housing boom.
Home prices in the major markets Case-Shiller surveys still average about 8 percent below where they were before the housing crash.
The Dallas-area is on the list of U.S. home markets that have seen the strongest recoveries since the Great Recession, according to a new report by HSH Associates.
Dallas housing values are now almost 44 percent higher than where they were before the economic downturn, HSH estimates.
Only Denver and Austin have seen stronger housing market rebounds in the last decade.
Five of the 10 most recovered housing markets on HSH's list were Texas cities.
A shortage of houses for sale and growing economies are driving the price gains in Texas' big city markets.
"The data from the first half of 2016 is in, and thus far, the relentless sellers' market we're in the midst of shows few signs of reversing," Zillow Chief Economist Dr. Svenja Gudel said in response to the new Case-Shiller report. "The overall inventory of homes for sale is way down, national home values continue to rise and those homes that are available to buy are selling seemingly as soon as they hit the market."
Article Courtesy of The Dallas Morning News:
http://www.dallasnews.com/business/residential-real-estate/20160830-dallas-home-price-gains-put-area-near-top-of-hot-housing-markets.ece
Print
