Real estate agents attribute home price gains to a decline in foreclosures in North Texas and a sharp drop in the number of houses on the market.
By STEVE BROWN
Published: 29 January 2013 09:06 AM
New, 8:13 a.m.
Dallas-area home prices have risen by the largest amount since before the recession.
In November, local home prices were up 5.7 percent in the monthly Standard & Poor’s/Case-Shiller Home Price Index.
It was the ninth month in a row that Dallas prices rose from a year ago in the nationwide comparison of home values.
The Dallas-area increase was higher than the 5.5 percent average price rise in the 20 major cities that Case-Shiller tracks.
Prices were up in all but one U.S. city – New York – which were included in the survey.
“Housing is clearly recovering,” S&P’s David Blitzer said in the report. “Prices are rising as are both new and existing home sales.
“These figures confirm that housing is contributing to economic growth.”
The largest price increases were in Phoenix, up 22.8 percent, and San Francisco, up 12.7 percent from November 2011.
The 5.7 percent Dallas-area price increase follows a 4.6 percent year-over-year increase in October’s Case-Shiller report.
The Case-Shiller price increase is in line with North Texas Realtor statistics which show median preowned single-family home sales prices were up 8 percent in 2012 compared with 2011. That increase includes just houses sold through the real estate agents’ multiple listing service.
Case-Shiller’s index tracks over time the prices of specific single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
Nationwide home prices are still down by about 30 percent in the Case-Shiller index compared with 2006 values.
In the Dallas-area, prices are about 4 percent below where they were at the peak of the market before the recession.