Home prices in the Dallas area have done nothing but surge ahead. According to the Standard & Poor’s/Case-Shiller Home Price Index, March marked the fourth straight month of double-digit increases in the index.
Steve Brown, Real Estate Editor for the Dallas Morning News stated, “Prices of pre-owned homes in the Dallas area hit a post-recession high in the latest housing market report. Local home prices were up 10 percent in March from a year earlier in the closely watched Standard & Poor’s/Case-Shiller Home Price Index. And prices were up 1.2 percent from February.”¹
March was the fourth consecutive month that Dallas home prices increased at a double-digit rate from last year.
In North Texas, home prices have been rising at about twice the long-term rate due to supply and demand and a robust local economy, which has played a pivotal role in the demand side for homes.
According to Ted Wilson, a Dallas housing analyst, “Buyers are starting to push back at the higher home prices. Nonetheless, with the short supply of both existing home listings and new home specs, prospective buyers have limited housing alternatives these days. It appears to us that with the inventory shortages, house prices may be up another 10 percent this year. It’s been a seller’s market with very little inventory. You still hear stories of people paying above the asking price and houses moving within 48 hours.”²
Dallas, along with Denver, were the only two markets in the United States that reached new index peaks, according to Case-Shiller research.
Dallas Median Home Prices
Chart Source: Dallas Morning News | Steve Brown – Forecast: Dallas – Fort Worth home prices are heading higher