Prices of pre-owned homes in the Dallas area hit another peak in July, but annual increases continued to slow, according to the just-released Standard & Poor’s/Case-Shiller Home Price Index. Dallas home prices increased 7.4 percent year over year — the lowest rate of advance in approximately a year.
The Dallas price index hit a new high for the sixth-straight month and is nearly 12 percent ahead of June 2007, just before the worldwide economic collapse. Denver was the only other U.S. city to set a new high in the much-anticipated report.
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Dallas-Fort Worth home prices were up 5.2 percent in the second quarter from a year ago, according to the latest National Association of Realtors survey.
Nationwide, prices were up 4.4 percent – the smallest such increase since 2012, according to NAR. The biggest year-over-year increases were both in Oregon, with Salem at 24.9 percent and Eugene at 18.1 percent. Prices were up in 71 percent of the markets surveyed.
Analysts have been forecasting a slower rate of home price growth this year. D-FW home price gains have cooled substantially from the 9 percent rise in the first quarter.
“At this slower but healthier rate, homeowners can continue steadily building equity,” says NAR economist Lawrence Yun. “Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”
Nationwide median sales prices in the second quarter were at a record $212,400. In the D-FW area that number was $191,300.
Existing-home sales rose strongly in May and inventory gains continued to help moderate price growth, according to a just-released report from the National Association of Realtors. All four regions of the country experienced sales gains compared to a month earlier.
Nationwide, existing home sales rose 4.9 percent in May, but remain 5 percent below May 2013. The 4.9 percent month-over-month gain in May was the highest monthly rise since August 2011. Closer to home, in the country’s South region, sales rose 5.7 percent in May, and were down only 0.5 percent from this time last year.
“Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” says Lawrence Yun, NAR chief economist. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”
The median existing-home price nationwide in May was $213,400, which is 5.1 percent above May 2013. In the South region, the median price was $184,800.
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Dallas-area home prices hit a record high in the latest Standard & Poor’s/Case-Shiller Home Price Index.
According to the report released today, local home prices were up 10 percent in March from a year earlier. March marks the fourth-consecutive month that Dallas-area home prices increased at a double-digit rate from the previous year. Prices were up 1.2 percent over February.
Nationwide, prices were up 10.3 percent from 2013.
“All cities were higher than a year ago and all but New York were higher in March than in February,” said S&P’s David Blitzer. “However, only Denver and Dallas have set new post-crisis highs and they experienced relatively lower peak levels than other cities.”
Dallas-area home prices are now 6 percent higher than they were at the previous peak of the market back in 2007. Nationwide, prices are still almost 20 percent below where they were before the recession.
To find out what your home is worth in today’s fast-moving market, contact an Ebby Associate today. To get started, visit the award-winning ebby.com.