Why there's more to the Dallas home price story than new Case-Shiller report shows - The Dallas Morning News

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Dallas area home prices were up only 3.1% in the latest nationwide comparison.

A more recent spike in housing appreciation came after the latest S&P CoreLogic Case-Shiller home price index numbers were gathered.

The closely watched Case-Shiller housing market indicator said nationwide prices were up 4.3% in June from a year earlier.

But newer July data shows that national home resale prices rose 8.5% year-over-year, according to the National Association of Realtors.

And in North Texas, median prices of single-family homes sold by real estate agents were 9% higher than in July 2019.

Those increases won’t show up in Case-Shiller’s numbers for another month or so.

“Housing prices were stable in June,” S&P’s Craig J. Lazzara, said in the new Case-Shiller report. “More data will be required to understand whether the market resumes its previous path of accelerating prices, continues to decelerate or remains stable.

“That said, it’s important to bear in mind that deceleration is quite different from an environment in which prices actually fall.”

Falling home prices aren’t likely in the Dallas area, where houses for sale are in short supply and annual sales rose 25% in July.

In June, Case-Shiller said the greatest year-over-year price gains were in Phoenix, up 9%, and Seattle, which rose by 6.5%.

Home prices were higher than a year ago in all the major U.S. markets included in the monthly survey.

And house sales prices in Dallas and nationwide are at record levels.

“The June Case-Shiller numbers show the housing market continues to withstand the pandemic-driven blows that have caused so many other facets of the economy to suffer,” Zillow economist Matthew Speakman said in response to the new home price numbers. “Mortgage rates and for-sale inventory are each plumbing new lows, ratcheting up competition for the few homes on the market.”

“That’s placed consistent upward pressure on home prices, a trend that has held through the summer.”

Nationwide home sales were up almost 25% in July — the biggest year-over-year gain on record — after declines early in the pandemic.

“The housing market is actually past the recovery stage and in a booming stage,” National Association of Realtors chief economist Lawrence Yun said about the July sales.

The strong housing sector performance is in contrast to the rest of the U.S. economy, which has seen millions lose their jobs because of COVID-19.

“The housing market also highlights the tale of two income stratums,” CoreLogic economist Selma Hepp said. “In one group, there are those who lost their income and are relying on forbearance programs.

“In the other group, which fared better, individuals are able to purchase a home.”

Nationwide home prices rose 4.3%.(Case-Shiller )

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