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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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Dallas-Area Home Prices Show Record Year-Over-Year Increases

June 26th, 2013 | by The Update
Dallas Area Home Prices Show Record Year-Over-Year Increases

Each month, home-price reports have shown a strengthening Metroplex real estate market. This stylish condo is new on the market at 4330 McKinney Avenue #21 in Uptown, between White Rock Lake and Katy Trail.

Dallas-area home prices are within “shouting distance of their all-time highs,” according to David Blitzer, chairman of the Index Committee of S&P Dow Jones Indices.

Blitzer’s committee produces the monthly Standard & Poor’s/Case-Shiller Home Price Index, which analyzes home prices in 20 metropolitan areas in the U.S.

Expert agents with Briggs Freeman Sotheby’s International Realty report that homes priced well and in good condition are selling quickly. For the week of June 17, BFSIR had 51 closings representing nearly $47 million.

Here’s what the Dallas Morning News had to say about the latest Case-Shiller report:

The 7.4 percent increase in April was the largest year-over-year gain since the Standard & Poor’s/Case-Shiller Home Price Index started tracking Dallas housing in 2000.

Prices of local pre-owned homes have been increasing for 14 consecutive months in the closely watched housing market measure.

Prices, at the highest level since September 2007, are just 1 percent below the all-time high in June 2007.

Real estate analysts credit the booming local economy and low inventories of homes for sale for inflating residential prices in North Texas.

“Most pundits think the rate of price increases is going to slow down naturally during the second half of the year,” said James Gaines, an economist with the Real Estate Center at Texas A&M University. “Maybe, maybe not.

“The low inventory relative to demand is still going to be pushing prices upward.”

Click here to read the full article from the Dallas Morning News.

Click here to download the latest Case-Shiller report.

Click here to read more news about real estate and the economy in Dallas-Fort Worth.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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