By Steve Brown
Dallas-area home prices rose by 6.5 percent in the latest Standard & Poors/Case-Shiller Home Price Index.
The price gain in December from a year earlier was the largest local increase in the survey in 12 years.
And the increase marked the 10th month in a row of higher Dallas-area home prices in the monthly report.
Nationwide prices were up 7.3 percent in the Case-Shiller survey.
“Home prices ended 2012 with solid gains,” S&P’s David M. Blitzer said in the report. “Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001.
“Housing and residential construction led the economy in the 2012 fourth quarter.”
Only one U.S. market in Case-Shiller’s report – the New York area – was still showing a slight decline of 0.5 percent in home prices in December from a year earlier.
The largest increase was Phoenix’s 23 percent year over year gain.
In the Dallas area, home prices at the end of 2012 were about 5 percent below levels at the top of the local market in mid 2007.
Home prices in all the 20 cities Case-Shiller tracks for its report are still about 30 percent below where they were before the recession in mid 2006.