Good news for Dallas-area homeowners — and sellers, in particular. According to the latest numbers from CoreLogic, Dallas-Plano-Irving ranked No. 7 in single-family housing price growth among the 100 largest metropolitan areas in the country, at 9.8 percent.
For its December 2013 report, the residential property information, analytics and services provider looked at year-over-year housing prices, which showed that overall home prices increased 11 percent nationwide compared to December 2012. All 50 states and the District of Columbia showed year-over-year home price appreciation for December, and nearly half of the country is at or within 10 percent of home price peaks.
For Texas overall, the report shows an 8.7 percent increase in the housing price index (HPI) for the last 12 months.
However, home prices remain 18 percent below the national peak, which occurred in April 2006. They also dipped .1 percent from November 2013.
“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks,” said Dr. Mark Fleming, chief economist for CoreLogic, in a release. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.”
For Texas overall, the report shows an 8.7 percent increase in the housing price index (HPI) for the last 12 months. Houston-The Woodlands-Sugar Land also showed impressive growth — 10.7 percent — earning it a No. 6 ranking in the country.
As for what lies ahead in the short term, CoreLogic expects a 10.2 percent national year-over-year increase in January once those final numbers are available.
To determine the HPI, CoreLogic looks at price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same single-family homes over time, which provides a more accurate “constant quality” view of pricing trends, as opposed to views of pricing trends based on analysis of all home sales.