Wednesday, October 29, 2014

Case-Shiller: Dallas among top home price gainers in August

The Dallas-area continued to see substantial home price increases while the rate of home value growth declined across the country.
Home prices in Dallas in August were up 7.3 percent from a year ago – one of the highest increases in the country according to the latest Standard & Poor’s/Case-Shiller Home Price Index.
Nationwide home prices rose by 5.5 percent in August.
“The deceleration in home prices continues,” S&P’s David M. Blitzer said in the report. “The Sun Belt region reported its worst annual returns since 2012.”
The largest year-over-year price gains were in Miami, 10.5 percent, and Las Vegas, 10.1 percent.
Dallas-area home prices are now about 12 percent higher than they were before the recession and at a record level in the Case-Shiller index. Prices in the area are now almost 30 percent ahead of where they were at the worst of the housing bust in early 2009.
But the rate of increase is slowing. Dallas’ August increase was the smallest annual gain since March 2013 and down from 10.2 percent in December.
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.
So far in 2014, the median price of preowned single-family homes sold by real estate agents in North Texas is 7 percent higher than in the first nine months of last year.