The Dallas housing market has seen its largest boost in more than two years.
According to the latest index by S&P/Case-Shiller, the price of existing single-family homes in the Dallas area increased by 3.8 percent in May over the same month last year. It was one of the largest increases in the group’s comparison of 20 major U.S. housing markets.
Other markets showing year-over-year gains in May include Phoenix (11.5 percent) and Minneapolis (4.7 percent).
Dallas-area home prices remain about 6 percent below their peak in mid-2007. However, David Brown of Metrostudy Inc. believes shrinking supply and increased demand will continue to push prices upward.
Dallas is the only Texas city included in the Case-Shiller index.
Source: Dallas Morning News