Dallas Area Home Prices Rise 7 Percent in Latest Case-Shiller Report
Dallas-area home price gains held steady in September, rising 7.1 percent from a year ago.
The Dallas price increase was higher than the nationwide 6.2 percent year-over-year home price rise in the closely-watched Standard & Poor’s/Case-Shiller Home Price index.
While still strong, Dallas’ percentage home price gains are smaller than earlier this year and in 2016. U.S. home prices rose at the fastest rate since 2014, according to Case-Shiller.
“Home prices continued to rise across the country,” S&P’s David M. Blitzer said in the report. “Home prices were higher in all 20 cities tracked by these indices compared to a year earlier; 16 cities saw annual price increases accelerate from last month.”
The largest price increases were in Seattle (12.9 percent), Las Vegas (9 percent) and San Diego (8.2 percent).
“Most economic indicators suggest that home prices can see further gains,” Blitzer said. “One dark cloud for housing is affordability; rising prices mean that some people will be squeezed out of the market.”
Dallas-area home prices are at record levels. Home prices in North Texas are now more than 40 percent higher than they were a decade ago before the recession.
Tight home supplies are driving prices higher in many markets.
“Demand is coming first and foremost from buyers in the entry-level and mid-market segments, but available inventory is largely concentrated at the high end, causing the nation’s most affordable homes to grow in value at more than twice the pace of homes at the top of the market,” said Zillow chief economist Svenja Gudell. “Income growth has been decent lately, but it has not kept pace with rising housing costs, giving renters in particular the feeling of trying to hit a moving target as they attempt to save a down payment for the jump into homeownership.”
Article originally featured on Dallas News
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