Dallas And Denver Home Price Boom Continues

Looking out of our office and seeing signs of construction activity across Denver, it can be hard to imagine that 20% of the cities in the S&P Case-Shiller Home Price Index are still at least 30% off its all-time high. But according to the latest home price index (data through August), Tampa, Miami, Phoenix and Las Vegas are all still down at least that much. Dallas and Denver remain the only two cities that have surpassed previous all-time highs in house prices and both cities have done so by a wide margin (12.3% and 11.3%, respectively). Boston, Charlotte and Portland are all approaching previous record high prices as these cities are within 10% of all-time high prices. Overall, however, breadth in prices is strong as 19 of the 20 cities currently have house prices higher than they were three months ago and all 20 cities have house prices higher than they one year ago. In fact, the year-over-year change in prices have been positive for all 20 cities for 20 straight months.