Dallas-area home prices were up by a record amount in the latest Standard & Poor s/Case-Shiller Home Price Index.
Local home prices rose by 7.1 percent in February from year ago levels, according to the just-released report.
Dallas-area home prices have now been higher for a full year in the closely-watched housing market measure.
Nationwide, prices were up by 9.3 percent in Case-Shiller s 20-city survey. Of course, the Dallas area never experienced the sharp price declines some U.S. cities saw in the recent recession.
Home prices continue to show solid increases across all 20 cities, S&P s David M. Blitzer, said in the report. Blitzer noted that home price increases across the country were highest in May 2006.
The largest year-over-year home price increases in Case-Shiller s new report were in Phoenix, at 23 percent, and San Francisco, at 18.9 percent.
Dallas-area prices in the Case-Shiller index are just slightly below where they were before the recession. Nationwide, home prices are still down more than 30 percent from where they were in mid-2006.
Regardless of the price range, now is a great time to offer a home for sale in North Texas given the region s increasing home values and the markedly decreased competition for sellers. If you re considering listing your home, call an Ebby Associate to learn more about the real estate market in your neighborhood and to find out what your home is worth in today s market. To find the right agent for your residential real estate needs, visit the Web site voted one of the industry s best by the Web Marketing Association, ebby.com.