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2014-05-01 14:14:13
HOME PRICES ON DOUBLE DIGIT RISE

Dallas-area home prices still rising at double-digit rate

By

Real Estate Editor

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Prices for preowned homes in the Dallas area are still rising at double-digit rates — up 10.1 percent from a year ago in the latest Standard & Poor’s/Case-Shiller Home Price Index.

February’s numbers released Tuesday mark the third month in a row that year-over-year Dallas home price gains are 10 percent or higher. That’s almost double the traditional, long-term residential appreciation rate in North Texas.

Nationwide, prices were up 12.9 percent — surprising some analysts who had predicted more modest annual increases this year.

“Despite continued price gains, most other housing statistics are weak,” said S&P’s David Blitzer. “Sales of both new and existing homes are flat to down.

“The recovery in housing starts, now less than 1 million units at annual rates, is faltering. Moreover, home prices nationally have not made it back to 2005.”

That’s not the case in the Dallas area, where home prices are now 5 percent higher than they were before the recession, according to Case-Shiller.

“The Case-Shiller numbers for Dallas continue to inch higher,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies Inc. “We are still at record levels.”

Case-Shiller’s index tracks over time the prices of specific single-family homes in each metropolitan area. The index survey does not include condominiums and townhouses. .

Dallas-area prices have been up year-over-year for 24 consecutive months in the Case-Shiller report.

For February, the largest national price increases from 2013 were in Las Vegas, 23.1 percent, and San Francisco, 22.7 percent, according to Case-Shiller.

North Texas preowned home sales are down 2 percent in 2014 from the same period last year due to a shortage of homes on the market. Unless the inventory of homes for sale in the area improves, real estate agents anticipate continued strong price gains here in 2014

 
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