Dallas-area Home Prices Up 2.8%
Dallas-area home prices were up 2.8% in the latest market-by-market comparison -- slightly below the U.S. average.
Nationwide home prices rose 3.5% in November from a year earlier in the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index. The greatest year-over-year home price gains were in Phoenix, which was up 5.9% from November 2018, and Charlotte, up 5.2%
Prices rose less than 1% in several key markets, including New York, Chicago and San Francisco.
With the month’s 3.5% increase in the national composite index, “home prices are currently 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak,” S&P’s Craig J. Lazzara said in the report. “November’s results were broad-based, with gains in every city in our 20-city composite. “The Southeast has led all regions since January 2019.”
Dallas-area home price growth has moderated over the last 18 months after several years of huge gains.
For all of 2019, the median price of single-family homes sold by real estate agents was just 3% higher than in 2018.
Dallas home prices are at record levels in the Case-Shiller index, up more than 70% from 2009. Most forecasts call for home prices to rise as much as 5% nationwide in 2020.
“Homes are in big demand in markets with a fast-growing population,” said Frank Nothaft, CoreLogic’s chief economist. “Add in low mortgage rates, family income growth and a limited inventory of homes for sale, and that translates into home-price growth that surpasses overall inflation on other consumer products.”
While North Texas home price increases slowed last year, sales were up. Real estate agents sold a record 108,489 single-family homes in the more than two dozen North Texas counties included in the surveys...
