Tuesday, June 24, 2014

Case-Shiller: Dallas-area home prices up 9.3 percent in April

Dallas-area home prices rose at the smallest rate in seven months in April.

But prices were still up 9.3 percent in the latest Standard & Poor’s/Case-Shiller Home Price Index.

Nationwide home prices rose by 10.8 percent from a year ago in the monthly measure of residential values in 20 major U.S. markets.

“Although home prices rose in April, the annual gains weakened,” S&P’s David M. Blitzer said in the report. “Overall, prices are rising month-to-month but at a slower rate.”

Even with the slower price gains, Dallas-area home prices are now at a record high in the Case-Shiller report.

Dallas-area prices are up about 8 percent from where they were before the recession in 2006. And prices are up by more than 20 percent from the worst of the recession in early 2009.

Blitzer said “prices are being supported by cash sales, low inventories and declining foreclosure and REO sales.”

In April, the biggest year-over-year gains were in Las Vegas, up 18.8 percent, and San Francisco, up 18.2 percent.

North Texas home price gains have slowed in 2014 after more than a year of double-digit increase.

Through the first five months of the year, median home sales prices were up 7 percent from the same period in 2013, according to data from local real estate agent sales.
Steve Brown- Dallas News