Dallas Home Price Gains Widen in Latest Report
The local home price increase was slightly below the national average.
Dallas-area home prices were up 3% in the latest nationwide comparison — the biggest gain in six months. Dallas’ year-over-year price increase was slightly below the 3.2% nationwide price rise for September in the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
While North Texas home appreciation has risen in recent months along with sales, price growth is still below where it was a year ago, when values were up more than 4%.
“September’s report for the U.S. housing market is reassuring,” S&P’s Craig J. Lazzara said in the report. “It is, of course, too soon to say whether this month marks an end to the deceleration or is merely a pause in the longer-term trend.”
The largest annual home price gains were in Phoenix (6.0%), Charlotte (4.6%) and Tampa (4.5%). Some previously hot housing markets have cooled this year. San Francisco home prices were 0.7% lower in September than in 2018. And prices were up by less than 1% in Chicago and New York.
Dallas-area home prices have risen 70% in the last decade in the closely watched Case-Shiller survey. So far in 2019, the median sales price of houses sold by North Texas real estate agents is 3% higher than at this time last year. The double-digit home price hikes of a couple of years ago are gone.
“It has become clear that the housing market slowdown that has characterized much of 2019 is really much more of a stabilization than any kind of prolonged or damaging housing slump,” Zillow economist Matthew Speakman said in a statement. “For the third straight month, annual home price growth is near its long-term historic average, and after years of favoring sellers, market conditions are gradually becoming much more balanced...“
