Dallas Home Prices Continue Rapid Growth, at Their Highest Since the Housing Bubble
DFW home prices are almost 9 percent higher than this time last year, Standard & Poor's/Case-Shiller Home Price Index.
That's more than double the average 4.2 percent growth across the country. Dallas is one of just two metro areas where home buyers face prices higher than they were in 2006.
"While prices are certainly rebounding, only two cities -- Denver and Dallas -- have surpassed their housing boom peaks," S&P's David M. Blitzer said in announcing the new numbers.
Dallas' 8.6 percent year-over-year growth was the fourth highest nationwide, behind Denver (10 percent), San Francisco (9.8 percent) and Miami (9.2 percent).
Blitzer said that S&P's data should not be construed as indicating a full bounce back for the housing market, because many metro areas are still far behind their pre-housing bubble highs.
"Nationally, prices are almost 10 percent below the high set in July 2006," Blitzer said. "If a complete recovery means new highs all around, we're not there yet."
The average monthly price for a rental unit is $954 in the Dallas area, and with large companies like Toyota and State Farm continuing to move to the area, rental inventory remains low.
(H/T The Dallas Morning News)
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