Home Prices Continue to Skyrocket in Dallas and the U.S.
Dallas-area home prices are up 6.5% in the latest nationwide comparison. It was the largest year-over-year increase for the region in three years in the closely watched S&P CoreLogic Case-Shiller Home Price Index.
Nationwide, home prices in October were up 8.4% from 2019 levels in data released Tuesday.
“Since June, our monthly readings have shown accelerating growth in home prices, and October’s results emphatically emphasize that trend,” Standard & Poor’s Craig J. Lazzara said in the report. “The last time that the national composite matched this month’s 8.4% growth rate was more than six and a half years ago, in March 2014. Although the full history of the pandemic’s impact on housing prices is yet to be written, the data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes.”
Some metro areas saw even greater home price gains. Phoenix had a 12.7% annual increase, and prices were up 11.7% in Seattle and 11.6% in San Diego, according to Case-Shiller.
Dallas-area home prices are now at an all-time high in the monthly measure.
Local home values are more than 80% ahead of where they were in the worst of the Great Recession in 2009...
