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Texas Home Prices Solid as Ever in Latest Case-Shiller

by Peter Thomas Ricci

It was a solid month for home prices in the Texas area, according to the latest Case-Shiller.

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January was an encouraging month for home prices in Texas, according to the latest Case-Shiller Home Price Indices from Standard & Poor’s.

Though S&P does not, incredibly, track home prices for the Houston area, it does follow the Dallas market, and it found that prices in that glamorous city were flat from December to January but up 10.0 percent from Jan. 2013, suggesting more of the slow, steady growth that has defined the area’s housing market.

The Case-Shiller Home Price Indices

Nationally, the Case-Shiller’s January returns were pretty familiar:

  • The 10- and 20-City composites in January increased 13.5 and 13.2 percent, respectively.
  • Twelve of the 20 cities measured saw their annual rates worsen.
  • The 10-City Composite was flat from December to January, while the 20-City Composite posted its third straight month of declines, falling 0.1 percent.
  • Twelve cities saw their prices fall monthly, and just seven saw increases.

David M. Blitzer – The Effects of Cold Weather

David M. Blitzer, the chairman of the Index Committee at S&P Dow Jones Indices, said that 2014’s harsh winter could have impacted the housing market.

“The housing recovery may have taken a breather due to the cold weather,” Blitzer said. “Twelve cities reported declining prices in January vs. December; eight of those were worse than the month before. From the bottom in 2012, prices are up 23 percent and the housing market is showing signs of moving forward with more normal price increases.

“Expectations,” he continued, “and recent data point to continued home price gains for 2014. Although most analysts do not expect the same rapid increases we saw last year, the consensus is for moderating gains. Existing-home sales declined slightly in February and are at their lowest level since July 2012.”

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