Dallas-area home prices rose by a record 8 percent in the newest Standard & Poor’s/Case-Shiller Home Price Index. The increase in June from the previous year was the largest ever recorded for Dallas.
Dallas-area prices are now approximately 3 percent higher than they were at the peak of the market in June 2007. Area home prices have gained more than 15 percent in value from where they were at the worst of the recession in early 2009.
Nationwide, prices were up 10.1 percent in the Case-Shiller Home Price Index. Some markets saw even higher gains, with Las Vegas up 24.9 percent and San Francisco up 24.5 percent.
Despite the big gains in June, researchers expect that soaring home prices will begin to level off soon.
“National home prices rose more than 10 percent annually in each of the last two quarters,” S&P’s David M. Blitzer said in the report. “However, the monthly city by city data show the pace of price increases is moderating.
Nationwide, home prices in the Case-Shiller index are still approximately 23 percent below where they were before the recession.