Area existing home prices were up 12.2 percent in January from a year ago, marking one of the largest price increases on record, according to CoreLogic data.

Houston posted even higher price increases for January, at 12.7 percent.

Nationally, prices were up 12 percent.

“The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006,” said Dr. Mark Fleming, chief economist for CoreLogic.

Dallas-area home prices are growing at almost three times their traditional annual rate.

CoreLogic predicts that nationwide prices will rise by 12.5 percent for February.

Source: Dallas Morning News