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Texas Home Prices Stay Strong, Up Yearly in January Case-Shiller

by Peter Thomas Ricci

Nationwide home prices continued to recover in January, but how did our local housing market perform by comparison?

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Texas home prices continued to keep pace with the housing recovery in January, according to the lastest Case-Shiller Home Price Indices from Standard & Poor’s, though the situation was not entirely bad for the Windy City.

Though S&P does not track home prices in Houston, the Dallas housing market in January saw home prices remain flat from December, a welcome deviation from what is a typically slow period of the year for home prices (nearly half of the metropolitan markets measured by S&P showed monthly declines). Year-over-year, though, Dallas’ market remained strong and steady, with home prices increasing 7.0 percent.

Nationwide Home Prices Continue to Recover in Case-Shiller

Nationwide, home prices continued to show notable improvement:

  • Year-over-year, home prices were up 7.3 percent in the Case-Shiller’s 10-City Composite and 8.1 percent in its 20-City Composite, with all 20 cities measured by S&P showing yearly price increases; those are the highest yearly increases for the composites since the summer of 2006.
  • Even monthly, the 10- and 20-City Composites were positive, with prices rising 0.2 and 0.1 percent, respectively.
  • On a monthly basis, nine cities – Atlanta, Charlotte, Las Vegas, Los Angeles, Miami, New York, Phoenix, San Francisco and Tampa – showed positive returns, while yearly, eight cities – Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix and San Francisco – saw prices jump by double digits.

David M. Blitzer – Data Supports the Housing Recovery

David M. Blitzer, the chairman of the Index Committee at S&P Dow Jones Indices, said the latest Case-Shiller data supports the now widely held notion of a broad housing recovery.

“The two headline composites posted their highest year-over-year increases since summer 2006. This marks the highest increase
since the housing bubble burst,” Blitzer said. “Economic data continues to support the housing recovery. Single-family homebuilding permits and housing
starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25 percent year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels.”

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