Home prices in the Dallas area continued to rise in August — increasing 7.3 percent year-over-year — becoming one of the cities with the top gains in the country, according to CoreLogic's Home Price Index report released Tuesday morning.
The Dallas area home prices have climbed throughout the year, bolstered by an improving economy, but economists warn the momentum of rising home prices has slowed.
"The deceleration in home prices continues," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. "Despite the weaker year-over-year numbers, home prices are still showing an overall increase, as the national index increased for its eight consecutive month."
Nationally, home prices grew 5.1 percent. The Sun Belt region reported the worst annual returns since 2012, led by weaknesses in three California cities: Los Angeles, San Francisco and San Diego.
Compared to last month's index report, Dallas area home prices grew 0.5 percent, according to the report. Last month, the year-over-year home prices in Dallas rose 9 percent.