According to the Standard & Poor’s/Case-Shiller Home Price Index, prices of Dallas homes in February grew at a record pace, rising 7.1% in February. That marks a record for the North Texas real estate market, despite the fact that the national real estate market managed to grow at 9.3% year-over-year. Still, for Dallas home owners, the good news is welcome.
David Blitzer, chairman of S&P’s index committee, said, “I know everybody wants to be first, but (Dallas has) been first in a better way. In the last 10 years, when most of the country was going berserk with housing, you guys managed to keep your heads on your shoulders.” Blitzer points out that in Dallas, home prices rebounded more modestly because the real estate collapse wasn’t felt nearly as much in North Texas as it was in other places in the U.S.
North Texas escaped being a “bubble market,” where home prices quickly jumped by double-digit annual gains and then fell to pieces during the real estate collapse. In these “bubble markets,” home values increased far too quickly, and when they started to fall, they fell hard. During the worst part of the recession, national home values plummeted about 40%.
Over the last year in the Dallas area, home values returned to their pre-recession levels, and home owners gained back the majority of their values. Blitzer added, “Dallas benefits in that you have less ups and downs.” According to the latest Home Price Index, prices are back to their highest levels since May 2006. Blitzer went on to say, “Home prices continue to show solid increases across all 20 cities. Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy.”
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Homes in Dallas, Texas under $675,000 and over $600,000
See all City of Dallas Homes For Sale.
(all data current as of 3/12/2014)
$600,000 : 5909 Luther Lane, Unit 1804a, Dallas2 beds, 2 full baths
$605,000 : 2200 Victory Avenue, Unit 902, Dallas2 beds, 2 full, 1 part baths
$615,000 : 1411 Junior Drive, Dallas4 beds, 3 full baths
$615,000 : 13641 Ashridge Drive, Dallas5 beds, 3 full, 2 part baths
$617,000 : 29 Ashton Court, Dallas3 beds, 3 full baths
$619,000 : 5422 Merrimac Avenue, Dallas3 beds, 2 full baths
$619,000 : 6910 Norway Place, Dallas4 beds, 4 full, 2 part baths
$624,900 : 5805 Bent Oak Court, Dallas4 beds, 5 full, 1 part baths
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