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Thursday, December 08, 2016
Dallas price gains put local housing in record territory
The Dallas area is one of the U.S. cities where home prices have risen the most since the last housing market peak.
Only Denver and the Austin-Round Rock area have seen greater home price growth compared to the high point in 2006 before the recession, according to a new report by HSH Associates.
Dallas-area residential prices are now 46.6 percent higher than they were before the housing market crash. Dallas median home prices dipped about 4 percent during the recession — one of the smallest declines of any major U.S. home market.
Austin prices have risen more than 53 percent since the last peak, and Houston home prices are 44.5 percent higher. Fort Worth-area prices grew almost 37 percent.
Five of the 10 "most recovered" housing markets on HSH Associates' list are in Texas.
Over 50 of the 100 largest U.S. metropolitan areas are now seeing home values hit a new high.
Even with recent nationwide price gains, many major U.S. metro areas still haven't made up the home value loss during the recession.
Home prices in Bakersfield, Calif., are still about 44 percent below their peak. And prices are 42 percent lower in Las Vegas and 35 percent lower in Cape Coral, Fla.
"Home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a "normal" value, they may still be well below their previous price peak," HSH analysts say.