Tuesday, July 29, 2014

Homes prices increase 8.6 percent in Dallas, sets record

Habitat for Humanity

Home prices in North Texas are continuing to reach record levels, as Dallas area home prices were up 8.6 percent year-over-year in May, setting an index record of 138.51, according to the S&P/Case-Shiller Home Price Indices report released Tuesday.

From April to May, home prices in the Dallas area rose 1.3 percent.

The only other city in the 20-city national composite to set a home price index record in May was Denver. Detroit is the only city that has yet to reach home price levels seen in January 2000, according to the report.

"Home prices rose at their slowest pace since February of last year," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a written statement. "The Sun Belt continues to lead with seven of the top eight performing cities.

"Housing has been turning in mixed economic numbers in the last few months," Blitzer added. "Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains."

The record-setting home prices in Dallas-Fort Worth come at a time when the region is seeing a record number of new home deliveries since 2008 in one of the nation's fastest-growing employment regions.

Candace Carlisle- Dallas Business Journal