No Let Up in Sight for Dallas Home Price Gains
Dallas-area homebuyers saw some of the biggest price increases in the country in August.
Dallas prices were 8 percent higher than in August 2015, according to the latest Standard & Poor's/Case-Shiller Home Price Index.
Dallas was behind Seattle, Portland and Denver among the cities with the greatest annual home price gains.
Nationwide prices were up 5.5 percent from a year earlier.
Seven of the 20 U.S. housing markets the Case-Shiller index tracks — including Dallas — are at record highs for pricing.
"Other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak," S&P's David Blitzer said in the report. "We are currently experiencing the best real estate returns since the bottom in July of 2012."
Dallas-area home prices are up more than 30 percent from the pre-recession high in mid-2007, according to Case-Shiller.
Median prices of homes sold by real estate agents have risen by 10 percent through the first 10 months of 2016.
The Case-Shiller survey tracks the prices of typical single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties -- no new construction.
The Case-Shiller researchers compare sales of specific single-family homes over time.
A broader price comparison by Zillow.com shows larger price gains in the Dallas-Fort Worth area.
Zillow's just released price report says that D-FW prices were 12.3 percent higher in October from 2015.
"Portland, Dallas and Seattle reported the highest year-over-year home value appreciation among the 35 largest metros across the country for the third month in a row," Zillow analysts said in the report.
Even with the big price hikes, Zillow Chief Economist Svenja Gudell said buyer demand remains strong.
"Buyers are still out there in droves despite the headwinds — especially younger buyers that will form the backbone of the housing market for years to come," she said.