Dallas-area Home Prices Up 12% in February



Dallas-area home prices rose by 11.8% in February, according to a just-released report from CoreLogic Inc.


Texas has now made up all the home price declines the state suffered in the recession, according to the research firm. Nationwide, prices were up 12.2 percent from the same time a year ago.


“As the spring home-buying season kicks off, house price appreciation continues to be strong,” said Dr. Mark Fleming, chief economist for CoreLogic. “Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply.”


According to the report, the states still experiencing the largest home price decreases since the economic downturn are Nevada (-39.9 percent), Florida (-36.4 percent), Rhode Island (-30.9 percent), Arizona (-30.5 percent) and West Virginia (-26.6 percent).


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North Texas Home Prices Rise in February



North Texas home sales prices jumped by 13 percent in February over the same month last year.


Real estate agents sold 5,495 pre-owned North Texas homes last month – a 2 percent increase from February 2013, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate information Systems, Inc.


February’s home sales gain comes after a 1 percent drop in January from the previous year. That was the first dip in year-over-year pre-owned home sales in the area since early 2010. Notably, the inventory of homes for sale in North Texas in February was 12 percent lower than a year ago.

Home Prices Up Nationwide



CoreLogic reports that national home prices increased by 12% year-over-year in January. This marks the 23rd consecutive month of year-over-year increases in the CoreLogic Home Price Index.


Nationally, home prices increased 0.9% month-over-month from December. For the past 20 years, the average month-over-month appreciation for January has been 0.2%, and the January 2014 increase was the largest January increase since 2006.


Year-over-year home prices were up in 49 states and the District of Columbia. Only Mississippi showed a price decrease. Nevada led the country with a 22.2% price increase from January 2013, followed closely by California with a 20.3% increase.


In terms of monthly changes, 39 states and the District of Columbia showed increases, with Vermont (+2.7%) and New York (+2.7%) showing the largest increases and New Hampshire (-1.5%) and Iowa (-1%) experiencing the largest decreases.


Texas, Louisiana and Nebraska reached new heights in home prices, and Colorado was within a tenth of a percent of its peak. Conversely, Nevada remained at 40.1% below its peak in 2006, followed by Florida (-36.4%).


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Inventory at Historic Low

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The number of houses listed for sale with North Texas Realtors in January — 19,090 properties — was the lowest inventory of homes on the market in almost 10 years. There were 13 percent fewer houses for sale in North Texas than in January 2013, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.


In January, there was a record low 2.6-month supply of homes offered for sale by real estate agents in North Texas. That’s approximately half the home inventory that North Texas had in early 2012.


The tight housing market is placing upward pressure on prices. Median home sales prices in North Texas in January rose 10 percent from a year ago to $165,000.


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Dallas-area Home Prices Rise Again

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Dallas-area home prices were up 9.3 percent in November from a year earlier, according to a just-released report from CoreLogic. Nationwide, home prices were up 11.8 percent for the same period.

Mark Fleming, chief economist for CoreLogic, predicts that when all the numbers are in home prices across the country will be up 11.5 percent for 2013. “That will make 2013 the best year for home-price appreciation since 2005,” Fleming says.

Across Texas, home prices were up 8.7 percent in November from a year earlier. Texas home prices are now fully recovered from the recession and are back to where they were at the peak of the last housing cycle, according to CoreLogic.
The states with the highest appreciation were Nevada (25.3 percent), California (21.3 percent) and Michigan (14.4 percent).