After some strong summer months, Texas home prices remained strong as ever in the fall, according to the latest Case-Shiller Home Price Indices from Standard & Poor’s.
From August to September, Dallas prices were up 0.3 percent, while year-over-year, prices were up 8.0 percent, both of which blew past the national averages; although the Case-Shiller does not track prices for Houston, its Dallas findings are very consistent with the Bayou City’s market.
Home prices in the Case-Shiller
The situation was a bit different for the Case-Shiller’s national indices:
- The National Index, which covers all nine U.S. census divisions, set a new record in September with a 5.5-percent annual gain; the previous peak for the index was July 2006.
- The 10- and 20-City Composites, meanwhile, posted year-over-year gains of 4.3 and 5.1 percent, respectively.
- Month-to-month, the National Index was up 0.4 percent, while the 10- and 20-City Composites both rose 0.1 percent. Interestingly, when seasonal adjustments are factored in, the National Index’s increase jumps to 0.8 percent, while the 10- and 20-City Composites jump to 0.2 and 0.4 percent, respectively.
“Start of a new advance” for housing
David M. Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices, was optimistic in his comments accompanying the Case-Shiller reports, though he tempered that with the realities of some markets.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance” Blitzer said. “ While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms – Miami, Tampa, Phoenix and Las Vegas – remain well below their all-time highs.”