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Monday, April 14, 2014
Dallas-area home prices soar 12.2 percent in January
Dallas-area home prices jumped by more than 12 percent in January from a year ago – one of the largest such increases on record, according to new data from CoreLogic Inc.
Texas Louisiana and Nebraska all hit record high home prices in the first month of 2014, CoreLogic reports.
Nationwide prices were up 12 percent and 12.2 percent in the Dallas area.
“The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006,” said Dr. Mark Fleming, chief economist for CoreLogic.
Dallas-area home prices are growing at almost three times their traditional annual rate.
A shortage of homes on the market and the strong economy in North Texas have caused home prices to soar.
CoreLogic is predicting that nationwide prices will rise by 12.5 percent for February.
“Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season,” said Anand Nallathambi, president and CEO of CoreLogic. “Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January.”