Dallas-Fort Worth home prices rise for 2nd straight month

Posted by Michael Pannell on Wednesday, February 24th, 2010 at 7:28am.

Dallas-Fort Worth home prices rise

Dallas-area home prices posted solid gains in the latest measure of the country's housing market – further proof that the local residential sector is stabilizing.

Dallas' home prices were up 3 percent in December from a year earlier in the monthly Standard & Poor's/Case-Shiller Home Price Index released Tuesday.

It was the second month in a row that area home prices rose on an annual basis. Prices were up 1.4 percent in November's Case-Shiller Dallas report, the first such gain in more than two years.

The gains in local home prices are "another good sign that the worst is behind us," said D'Ann Petersen, a business economist for the Federal Reserve Bank of Dallas. "We were fortunate not to see a huge erosion in our home values here in North Texas, and it is encouraging to see that values are moving in a positive direction."

That doesn't mean there won't be a few bumps ahead, she said.

"How strong any housing recovery will be depends on job growth, of course," Petersen said.

"We do expect to see positive employment growth in 2010, but the pace will be modest compared to what we saw prior to the downturn."

Source: STEVE BROWN / The Dallas Morning News

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