Real Estate Rising

Dallas real estate market starts 2014 with surge in single-family home prices

Dallas real estate market starts 2014 with surge in home prices

10433 Strait Lane in Dallas
Now is a good time to sell in Dallas, as home prices continue to climb. Photo courtesy of Dave Perry-Miller & Associates

If you’re looking to sell, now would be a good time to put your home on the market — and you would be doing all those frustrated buyers a solid. According to the January 2014 report from CoreLogic, Dallas-Plano-Irving again ranks in the top 10 areas of the country in single-family housing price growth. A 12.2 percent year-over-year increase puts our metropolitan area at No. 7.

That’s higher than the 9.8 percent growth reported in December 2013. The data from the residential property information, analytics and services provider also showed that home prices nationwide increased 12 percent compared to January 2013, which is greater than the 11 percent year-over-year gains recorded at the tail end of last year.

 Dallas home prices increased 12.2 percent year-over-year in January — enough for a No. 7 ranking in the country.

Apparently all this wacky winter weather didn’t slow down home sales one bit. “A string of snow storms did not manage to weaken house price appreciation in January. The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006,” said CoreLogic chief economist Mark Fleming in a statement.

Texas overall experienced a 10.1 percent increase in the housing price index (HPI), and the Houston-Woodlands-Sugar Land area also showed impressive gains: 12.7 percent, enough for a No. 5 ranking.

National home prices remain 17.3 percent below the national peak, which occurred in April 2006. But they are up .9 percent from December 2013. For February 2014, CoreLogic predicts a 12.5 percent year-over-year increase, so our real estate future looks bright.

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.