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Home prices in the Dallas area increased 7.6 percent year-over-year in October, outpacing the rise in national home prices.
The U.S. National Home Price Index — a 20-city composite — increased 4.6 percent in October year-over-year, marking a slight downturn as home prices rise at a slower pace.
Even though the rise of home prices has slowed, economists project 2014 will finish on a strong note and accelerate into 2015.
"Two months ago, all 20 cities were experiencing weakening annual price increases," said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, in a prepared statement. "Last month, 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up.
"Seasonally adjusted, all 20 cities had higher prices than a month ago," Blitzer added.
In October, Dallas-area home prices increased a tenth of a percentage point from September to October.
Real estate sources say home prices are expected to continue to rise in North Texas as the economy continues to grow and more people move to the area for work. In the past 12 months, Dallas-Fort Worth added more than 111,500 jobs as companies relocate and expand in the region.
Written by Candace Carlisle, Staff Writer
Originally published on December 30, 2014 in the Dallas Business Journal. Link to the original article here.