Seattle, Portland and Dallas are leading the country in home price gains since last spring with no slowdown in site.
Dallas-area home prices rose 8.2 percent in the latest Standard & Poor's/Case-Shiller Home Price Index.
Nationwide prices in April 5.5 percent higher from a year earlier and set a record for the fifth consecutive month.
North Texas home prices are at an all-time high and have risen by more than 50 percent in the last five years.
"As home prices continue rising faster than inflation, two questions are being asked: why? And, could this be a bubble?," S&P's David Blitzer said in the report. "Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up.
"The question is not if home prices can climb without any limit; they can't," Blitzer said. "Rather, will home price gains gently slow or will they crash and take the economy down with them? For the moment, conditions appear favorable for avoiding a crash."
Home prices in Seattle rose 12.9 percent annually in April and prices were 9.3 percent higher in Portland than in 2016.
Dallas-area home prices in the closely-watched Case-Shiller index are 55 percent ahead of where they were at the peak of the last housing cycle in mid 2007.
And prices are 75 percent ahead of where they were at the worst of the housing downturn in 2009, according to Case-Shiller.
Nationwide prices are still about 10 percent behind where they were before the recession.
Through the first five months of 2017, prices of North Texas homes sold by real estate agents have jumped 12 percent higher than the same period last year.
The median sales price for preowned single-family homes in the area is $255,000 — slightly ahead of the national median price for the first time.
Case-Shiller 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 preowned properties — no new construction.
The Case-Shiller researchers compare "arms-length sales" of specific single-family homes over time.
The Case-Shiller index is considered a more accurate gauge of residential values than some statistics provided by real estate agents, which can be manipulated or influenced by changes in the type of properties that are sold each month.
