The latest reading of the S&P Case-Shiller house price index shows rising prices in Dallas and Denver surpassed their pre-financial crisis peaks set in June 2007 and August 2006.
“This is the first time any city has made a new all-time high” since the housing crash, according to S&P’s index committee chairman David Blitzer.
Standard & Poor’s also reported Tuesday morning that five cities posted price gains of over 3% from April to May. The five cities are Atlanta, Chicago, San Diego, San Francisco and Seattle.
Overall, the 20-city
Blitzer noted that housing markets in the Southwest and West are exhibiting the strongest price gains.
“The overall report points to some shifts among various markets: Washington is no longer the standout leader and the Eastern Sun Belt cities, Miami and Tampa, are lagging behind their Western counterparts,” Blitzer said
Prices in Las Vegas and Phoenix are up 23.3% and 20.6%, respectively, year-over-year compared to Washington and Cleveland, which are up 6.5% and 3.3%, respectively.
