Dallas housing prices continue to rise, according to the latest report from Standard & Poors/Case-Shiller Home Price Index. Local home prices rose 7 percent in the one-year period ending in January 2013. Prices have now been on the rise for 11 months, including previous growth of 4.4 percent in the fall.
Dallas' change was a bit smaller than the 20-city composite from the study, which increased by 8.1 percent. Other cities in the composite include Atlanta, Chicago and New York City.
Dallas experienced its largest year-over-year gain since the report began in 2006.
Nevertheless, Dallas experienced its largest year-over-year gain since the report began in 2006. This time around, Phoenix led the pack with a gain of 23.2 percent in home prices, while San Francisco and Las Vegas rounded out the top three.
All 20 cities experienced growth, and both the 10-city and 20-city composites posted the highest year-over-year increases since the housing bubble burst in 2008.
David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, attributed the gains to steady employment and low borrowing rates. He said that foreclosure filings are down 25 percent from 2012, and single-family home building permits and housing starts recorded double-digit increases in February 2013.
The S&P/Case-Shiller Home Price Indices are designed to monitor the price path of single-family houses in the 20 cities listed. The indices are released on the last Tuesday of each month at 9 am.