Dallas-area home prices are up 8.6 percent in the latest nationwide comparison from a year ago.
Home prices in Dallas grew at about twice the national rate of 4.2 percent in February compared to a year ago, according to the Standard & Poor’s/Case-Shiller Home Price Index.
Dallas’ increase in the closely-watched monthly report was ahead of the 8.1 percent year-over-year local gain in January.
Dallas had the fourth highest home price gain in the country in February. The largest increases were in Denver, 10 percent, and San Francisco, 9.8 percent.
“Home prices continue to rise and outpace both inflation and wage gains,” S&P’s David M. Blitzer said in the report. “While prices are certainly rebounding, only two cities – Denver and Dallas – have surpassed their housing boom peaks.
Dallas prices in the Case-Shiller index are now about 13 percent ahead of where they were at the peak of the housing market before the recession.
“Nationally, prices are almost 10 percent below the high set in July 2006,” Blitzer said. “If a complete recovery means new highs all around, we are not there yet.”
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