According to a new report from CoreLogic, single-family home prices are still up across the nation, and Texas continues to buck trends, posting increases above the national average. Home prices in the Dallas-Plano-Irving metropolitan were up 9 percent in August 2014 compared to the same period last year. On a month-over-month basis, home prices increased .08 percent from July 2014.
That 9 percent increase landed the Dallas area at the No. 5 spot nationally. Houston took the No. 1 spot, with an 11.4 percent increase from August 2013 to August 2014. At the state level, home prices rose 8.5 percent from August 2013, enough for a No. 10 ranking.
Across the nation, home prices are up 6.4 percent from the same time period last year, with a month-over-month increase of .03 percent. All states showed a year-over-year home price appreciation in August, and the home price index (HPI) reached new highs in nine states, including Texas.
The U.S. has experienced 30 consecutive months of year-over-year increases; however, the national average is no longer posting double-digit increases.
“The pace of year-over-year appreciation continues to slow down as real estate markets find more balance. Home price appreciation reached a peak of almost 12 percent year-over-year in October 2013 and has since subsided to the current pace of 6 percent,” said Mark Fleming, chief economist at CoreLogic, in a statement.
“Continued moderation of home price appreciation is a welcomed sign of more balanced real estate markets and less pressure on affordability for potential homebuyers in the near future.”
Looking ahead, according to the CoreLogic HPI Forecast, home prices are projected to increase 0.2 percent from August 2014 to September 2014 and by 5.2 percent from August 2014 to August 2015.
To determine the home price index, CoreLogic, a residential property information, analytics and services provider, 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.