Dallas area homes saw an unprecedented 25% spike in the latest nationwide housing market comparison.
Most U.S. house markets are seeing a slight uptick in home price increases, the year-over-year increase for Dallas was the highest ever in the just-released S&P CoreLogic Case-Shiller Home Price Index.
According to the Case-Schiller survey, Nationwide home prices were 19.5% higher in September compared with a year earlier, a slightly smaller annual increase than in August.
Steve Brown of The Dallas Morning News has reported that Dallas-area home prices have shown greater gains in the closely watched Case-Shiller survey.
“Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly,” S&P’s Craig J. Lazzara said in the new report. “In 14 of 20 cities, prices decelerated – i.e., increased by less in September than in August.”
Dallas-area home prices have more than doubled the last 10 years to a record high in Case-Shiller’s monthly cost measure.
North Texas single-family home prices are 18% higher than in 2020, according to real estate agents’ sales reports.
Housing cost in the Dallas-Fort Worth area and across the nation have exploded during the last year due a severe shortage of homes available for sale and a rising demand during the COVID-19 pandemic.
“While housing market activity is experiencing a typical seasonal slowdown, homebuyer demand remains strong and continues push total home purchases above pre-pandemic levels, “ CoreLogic deputy chief economist Selma Hepp said in an email. “Nevertheless, while activity continues to outperform pre-pandemic levels, there are encouraging signs of a slow albeit welcomed return to more sustainable balance between buyers and sellers.
If you or anyone you know is looking to buy, sell, or invest in real estate, contact Aaron Everett at 214.403.0805.
