Housing Price Gains Smallest Since Last Summer


Housing Price Gains Smallest Since Last Summer

 

Dallas-area home prices rose at the slowest rate in 10 months, according to the just-released Standard & Poor’s/Case-Shiller Home Price Index.

 

Dallas prices were up 8.6 percent in May from a year ago. Nationwide, prices rose 9.4 percent in the same period.

 

The lower home price gains had been predicted by analysts who see some moderation after many months of double-digit price increases. Eighteen of the 20 cities Case-Shiller surveys had lower gains in May than in April.

 

Dallas’ increase was the smallest since July of last year. Earlier this year local home prices were growing at more than 10 percent from a year ago.

 

The largest annual gains in May were in Las Vegas, 16.9 percent, and San Francisco, 15.4 percent. The smallest increase was in Cleveland, 2.4 percent.

 

Dallas-area home prices are now at a record level – up more than 9 percent from where they were before the recession. And prices here are almost 25 percent ahead of where they were at the worst of the economic downturn in 2009. Dallas-area prices have been rising in the Case-Shiller study for more than 24 months.

 

PHOTO: The Dallas Morning News