Real Estate rumblings
Good news for Dallas area residents looking to sell their homes: According to the most recent Standard & Poors/Case-Shiller Home Price Index, Dallas residential real estate is on the rise.
Local home prices have risen by 4.4 percent since September 2011. Nationally, home prices increased by 3.6 percent. This latest bump puts home prices back at mid-2003 levels.
Thirteen of the 20 cities in the index had positive changes from last month. All of the cities with price declines were located in the north eastern and central regions of the country.
The index does not address cost of living. Texas historically has lower home prices than most of the nation.
The data shows that Phoenix recorded the highest increase, up more than 20 percent from September 2011. Chicago and New York were the only two cities that fared worse than last year.
The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two month lag. New index levels are released at 9 am on the last Tuesday of every month.