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2013-05-03 12:37:58
DALLAS AREA HOME PRICES GROW AT RECORD PACE!

Prices of pre-owned homes in the Dallas area rose 7.1 percent in February — a record increase for North Texas in the monthly Standard & Poor’s/Case-Shiller Home Price Index.

But Dallas’ prices couldn’t keep up with the nationwide 9.3 percent increase from a year ago.

Home price gains in the Dallas area are less than half what they are in places like Phoenix, San Francisco and even Detroit, according to Case-Shiller.

So what gives? Why is the Dallas area lagging behind most other major U.S. cities in home price growth?

“I know everybody wants to be first, but you guys have been first in a better way,” David Blitzer, chairman of S&P’s index committee, said Tuesday.

“In the last 10 years, when most of the country was going berserk with housing, you guys managed to keep your heads on your shoulders,” he said.

He said the rebound in home values in North Texas is understandably more modest than in cities where prices collapsed.

Moderation is a good thing, Blitzer said.

During the early and mid-2000s, when home prices in many coastal and Southwestern cities exploded by double-digit annual increases, price gains in Dallas and other Texas cities were much smaller.

North Texas wasn’t one of the “bubble” markets with inflated residential values when the housing market crashed starting in 2006. So prices here fell a lot less than in other U.S. cities.

Dallas’ total drop was a whopping 11 percent,” Blitzer said.

At the worst, nationwide home values were down about 40 percent, according to Case-Shiller.

 

 
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