Metroplex Home Prices Continue to Grow, Set Record in June
August 30th, 2013 | by AR
Home prices in the Dallas metro area set another record in June, and prices are about 3 percent higher than they were during the June 2007 peak, according to a report released this week.
The monthly S&P/Case-Shiller Home Price Indices show that Dallas reached an all-time high in June, with prices rising 8 percent year over year.
As low inventory of homes for sale continues to be an issue, especially at the higher end of the price scale, agents with Briggs Freeman Sotheby’s International Realty say they’re seeing asking and closing prices continue to inch up. However, they report that homes that are well priced and in good condition are the ones to sell quickly.
This from the Dallas Morning News:
Dallas-area prices are now almost 3 percent higher than they were at the peak of the market in June 2007. And local prices in the Case-Shiller index have gained more than 15 percent in value from where they were at the worst of the recession in early 2009. (Click here to read the full article.)
Overall, the index was up 10.1 percent nationwide.
“National home prices rose more than 10 percent annually in each of the last two quarters,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in the report. “However, the monthly city by city data show the pace of price increases is moderating.
“Thirteen out of twenty cities saw their returns weaken from May to June. As we are in the middle of a seasonal buying period, we should expect to see the most gains. With interest rates rising to almost 4.6 percent, home buyers may be discouraged and sharp increases may be dampened.
“Other housing news is positive, but not as robust as last spring. Starts and sales of new homes continue to lag the stronger pace set by existing homes. Despite recent increases in mortgage interest rates, affordability is still good as credit qualifications have eased somewhat.”
Click here to read the full report from Case-Shiller.
Click here to read more news about real estate and the economy in Dallas-Fort Worth.
To see which homes will be held open this weekend in Dallas-Fort Worth, click here.
Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homes, ranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.
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