An extremely strong spring selling market has pushed Dallas-area home prices ahead of where they were before the recession. Dallas is one of only two major U.S. markets to climb above pre-recession levels, according to the most-recent Standard & Poor s/Case-Shiller Home Price Index. The other is Denver. Both markets are up 1 percent over June 2007 prices which were measured just before the economic meltdown hammered residential values across the country.
The latest Case-Shiller report is another strong sign for the Dallas area s economy and real estate market, says D Ann Petersen, an economist at the Federal Reserve Bank of Dallas. The just-released report also shows prices of pre-owned homes in the Dallas area were up 7.6 percent in May from the same month in 2012. It s the largest year-over-year percentage gain since Case-Shiller started tracking Dallas home prices in 2000.
While Dallas and Denver are ahead, nationwide home values are still about 24 percent lower in the Case-Shiller report than they were before the recession. The biggest deficits are in Las Vegas, still down 51 percent from the peak, and Phoenix, down 41 percent.
North Texas home prices have been at record high levels for several months. In June, the median price of homes sold through the Multiple Listing Service was up 13 percent from a year earlier to $185,820. Total pre-owned home sales through the first half of 2013 were up 19 percent from the same period a year ago, a new high for the six-month period.
With home values on the rise and interest rates still at near record lows, now is an ideal time to buy or sell a home in the Dallas-Fort Worth area. Contact 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 website voted one of the industry s best by the Web Marketing Association, ebby.com.