The Texas housing market continued its strong home price growth in 2016, according to the latest Case-Shiller Home Price Indices.
From March to April (the most recent month of available data), Dallas home prices – the Case-Shiller does not track Houston’s market – grew 1.3 percent, while year-over-year prices rose 8.6 percent; as with past months, Dallas’ yearly growth was among the strongest in the nation, and was far ahead of the national averages.
Here is a detailed chart on the home price breakdown:
| Metro Area | Price Increase – March to April | One-Year Change in Prices |
|---|---|---|
| Atlanta | 1.3% | 6.5% |
| Boston | 1.5% | 5.7% |
| Chicago | 2% | 3.1% |
| Dallas | 1.3% | 8.6% |
| Denver | 1.4% | 9.5% |
| Los Angeles | 0.8% | 5.9% |
| Miami | 1.1% | 6.4% |
| New York | 0.3% | 2.6% |
| Phoenix | 0.7% | 5.5% |
| San Francisco | 1.5% | 7.8% |
| Seattle | 2.1% | 10.7% |
| U.S. National | 1% | 5% |
National home prices continue their ascent
Nationwide, the Case-Shiller was more of the same:
- The National Home Price Index rose 5.0 percent year-over-year in April, with the 10- and 20-City Composites rising 4.7 and 4.8 percent, respectively.
- Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities Case-Shiller tracks, with increases of 12.3, 10.7, and 9.5 percent.
- Month-over-month, the National Index rose 1.0 percent, while the 10- and 20-City Composites rose 1.0 and 1.1 percent. After seasonal adjustments, though, the National Index was up just 0.1 percent, while the 20-City Composite was up 0.5 percent.
“The outlook is not without … uncertainty”
David M. Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices, stated in the Case-Shiller report that April’s home price increases reflect the overall positivity of the economy, particularly low unemployment and mortgage rates.
However, Blitzer did add that uncertainty remains, especially with the recent developments in Europe.
“The outlook is not without a lot of uncertainty and some risk,” he said. “Last week’s vote by Great Britain to leave the European Union is the most recent political concern, while the U.S. elections in the fall raise uncertainty and will distract homebuyers and investors in the coming months. The details in the S&P/Case-Shiller Home Price data also hint at possible softness. Seasonally adjusted figures in the report show that three cities saw lower prices in April compared to only one city in March. Among the 20 cities, 16 saw either declines or smaller increases in monthly prices in the seasonally adjusted numbers.”