Dallas-area home prices rose 2.9% in latest survey
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In the latest market-by-market comparison, Dallas-area home price gains trailed the national average.
According to the newest S&P CoreLogic Case-Shiller U.S. National Home Price Index, Dallas prices were up 2.9% over one year since last October when being compared with a nationwide 3.3% increase. The biggest year-over-year home price gains include Tampa (4.9%), Phoenix (5.8%), and Charlotte (4.8%).
According to Case-Shiller, home prices in the San Francisco area were down about 0.4% compared to levels of one year ago. Most U.S. home markets have totally recovered from the housing market crash which took place a decade ago.
S&P’s Craig J. Lazzara said in the report that October’s U.S. housing data continue to be reassuring. The home prices are currently more than 15% above the pre-financial crisis peak reached July 2006, with 3.3% increase in the national composite index in October.
According to statistic, Dallas-area home prices are currently more than 50% higher than they were before the Great Recession. The local housing costs are at a record level, while the rate of annual price increases is half of what it was 2 years ago.
Over 11 months of year 2019, North Texas median single-family home sales prices reached 3% higher than in the same time in 2018, per data from local real estate agents. In addition, North Texas home sales rose 2% in 2019 compared with 2018 totals.
Zillow economist Matthew Speakman stated in an email that 2019 was a year of transition in housing, which was marked by a significant and consistent slowdown in home price appreciation. Still, as the year draws to a close, signs suggest the market has achieved a soft landing and it may even be primed for a reacceleration.