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Saturday, January 22, 2022
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Price of Local Homes Rises by 25%, Rate of Gain Slows

Real Estate

Display of home prices going up. | Image from Tinnakorn Jorruang

Home prices in the Dallas area have jumped by a record 25% in just one year, according to the S&P CoreLogic Case-Shiller Home Price Indices, which measure and track the change in sale prices of U.S. residential real estate properties.

The indices are published with a two-month lag and released on the last Tuesday of every month, meaning the November 30 release shows the numbers for this past September.

Data from the past year shows a 25% growth in Dallas-area home prices from September 2020 to September 2021, the city’s highest ever. Dallas tied with San Diego for the fourth largest annual increase, behind Phoenix (33.1%), Tampa (27.7%), and Miami (25.2%).

Case-Shiller’s monthly cost measure shows homes in the Dallas area have more than doubled in price in the last ten years.

Of the 25% rise in Dallas between last September and September 2020, most of it occurred in 2021.

There are signs that this growth is slowing. While home prices across the nation were 19.5% higher in September of 2021 than 2020, this was a slight decrease compared to August’s annual gain, which was 19.8%. Moreover, the 10-City Composite annual increase fell to 17.8% in September from 18.6% in August, while the 20-City Composite fell to 19.1% annual increase from 19.6%.

While all twenty cities in the Case-Shiller Indices have hit their all-time highs, fourteen of them increased by less in September than in August.

Craig J. Lazzara, Managing Director at S&P Dow Jones Indices, explained in their press release, “Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly. The National Composite Index rose 19.5% from year-ago levels, with the 10- and 20-City Composites up 17.8% and 19.1%, respectively. This month, however, the rate of price growth began to decline, as each of our three composites rose less in September than in August.”

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’” said Lazzara.

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