The Dallas region’s home price gains continue to rank among the hottest in the country, posting an 8.3 percent increase year-over-year in the new Standard & Poor’s/Case-Shiller 20-market comparison. Dallas trailed only Portland, Seattle and Denver in the latest index of rising home values.
Nationally, the 20 largest metropolitan cities saw home prices rise 5.1 percent from last year. Dallas was one of 14 cities to post year-over-year gains higher than the national average. Portland and Seattle recorded double-digit increases in July from a year earlier — 12.4 percent and 11.2 percent, respectively.
Dallas home prices have been rising between 8 percent and 10 percent annually for more than a year in the Case-Shiller survey. Local prices are at record levels in the widely watched index and are up more than 25 percent from 2007.
To determine the value of your North Texas home in today’s competitive market, connect with an Ebby Halliday Realtor. It’s easy. Get started at the award-winning ebby.com.
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.
Interested in what your North Texas property is worth in today’s market? Pricing a home is a job for experts. To find just the right agent for your real estate needs, visit the award-winning ebby.com.
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.
While it’s already quite warm in North Texas, summer doesn’t officially start until this Saturday, June 21. With sales prices on the rise, fewer homes for sale and low interest rates, this summer offers potential home sellers ideal conditions to sell a home in Dallas-Fort Worth. Competition among buyers is heated and multiple offers are common in many neighborhoods.
Just how hot is the North Texas housing market? Consider that in the past 12 months:
* The median sales price is up 8.6%.
* The average time a home is on the market is just 55 days. That’s down 21% from this time last year.
* The number of homes for sale is down 14.6%, meaning sellers have significantly less competition.
* And, finally, the number of homes sold in the past year is up 7.2%.
If you’re considering listing your home, the summer of 2014 offers an extraordinary opportunity. Contact an Ebby Associate to learn more about the real estate market in your neighborhood and to determine what your home is worth in today’s fast-paced market. To find the ideal agent for your residential real estate needs, visit the award-winning ebby.com.