Real Estate

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)

KEEP THE DALLAS OBSERVER FREE... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Stephen Young has written about Dallas news for the Observer since 2014. He's a Dallas native and a graduate of the University of North Texas.
Contact: Stephen Young