So here’s the reason why a lot of Realtors, I do mean a lot, will be drinking Veuve Cliquot tonight: Dallas is one of the top five markets in the country for home price increases, according to the folks at Standard & Poor’s/Case-Shiller.
The numbers from October home sales are in, and Dallas home prices rose 7.6 percent in October from the same month in 2013. Makes me kind of proud we are right up there with Miami, San Francisco and Las Vegas — the only cities with higher price appreciation than us.
The October appreciation was almost identical to the annual increase we saw in September, 7.4 percent.
“We are seeing hints that prices could end 2014 on a strong note and accelerate into 2015,” S&P’s David M. Blitzer said in the report. “Two months ago, all 20 cities were experiencing weakening annual price increases.
“This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up,” he said. “Seasonally adjusted, all 20 cities had higher prices than a month ago.”
And you may need a sip or two of bubbly to comprehend this fact : Dallas-area home prices are 13 percent higher NOW than they were before the recession hit. That’s right, we have out-bubbled the bubble.