Home prices in Texas continue to increase in 2016.
Though the Case-Shiller index does not cover Houston, the numbers reported for Dallas home prices are consistent with price growth we’ve reported on in recent Houston coverage. Dallas home prices increased nine percent year-over-year in Feb. 2016 and showed a 0.5 percent increase over January. That monthly increase, though small, is more than double that of the national increase of 0.2 percent, and the city claims the fifth-highest growth among the 20 metros the Case-Shiller reports.
National Home Prices Remain Consistent
On the national front, home prices continued to increase in February, rising 5.3 percent year-over-year and 0.2 percent month-to-month. Portland (up 11.9 percent), Seattle (up 11 percent) and Denver (up 9.7 percent) saw the strong yearly gains in the country.
In his comments accompanying the Case-Shiller report, David M. Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices, emphasized the downside of rising home prices.
“While financing is not an issue for homebuyers, rising prices are a concern in many parts of the country,”
Blister said. “The visible supply of homes on the market is low at 4.8 months in the last report. Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house. Additionally, the pace of new single-family home construction and sales has not completely recovered from the recession.”