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Study says Dallas home prices are rising at record levels

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.

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Housing News

Dallas approves $14.5 million for Buckner DART station project

Courtesy rendering

Palladium Buckner Station Project

The Dallas City Council unanimously approved a $14.5 million incentive for the Palladium Buckner Station Project, a proposed mixed-income and transit-oriented development project at the Dallas Area Rapid Transit (DART) Buckner Light Rail Station at 8008 Elam Rd.

The estimated $107.1 million project is being developed by multi-family developer Palladium USA in partnership with Dallas Housing Finance Corporation and will be built on a space that is currently a parking lot.

It will include new ground-up construction of residential buildings to include 304 mixed-income apartments comprised of 90 one-bedroom, 147 two-bedroom, and 67 three-bedroom units. Of the 304 apartments, 244 will be income-restricted and leased solely to households earning at or below 60 percent area family median income.

There will also be two residential parking garages with 350 spaces, and a publicly accessible promenade providing a direct pedestrian connection to the DART Buckner Light Rail Station.

City Council member Jaime Resendez, in whose southeast Dallas District 5 the project resides, says in a statement that "this development directly addresses the City’s urgent need for high-quality affordable housing and has the potential to catalyze meaningful economic development and revitalization in a community that truly needs it."

The $14.5 million incentive includes a loan of $6,183,092 and a grant of $8,316,907 from several funding sources administered by the City’s Office of Economic Development, including general obligation bond proceeds from the economic development/housing propositions in the City’s bond programs.

The proposal is one of five transit-oriented development projects on DART-owned property up for review, with a goal to increase DART ridership by providing a mix of market-rate and affordable housing that easily connect to DART.

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