CBSA = core-based statistical area. Courtesy of First American Data & Analytics.

Dallas-Plano-Irving home prices rose on a monthly and annual basis in August, according to First American Data & Analytics’ monthly Home Price Index (HPI) report. 

The HPI for the Metroplex was up 0.6% month over month and 2.3% year over year. 

Nationally, the HPI was up 0.1% month over month and 4.5% year over year. 

“Annual house-price appreciation nationally slowed for the eighth consecutive month, inching closer to the pre-pandemic historical average of approximately 3.5%,” said Mark Fleming, chief economist at First American. “Housing demand remains strained under the pressure of elevated mortgage rates and high prices, while for-sale inventory has increased compared to last year. Sluggish demand combined with increasing supply is a recipe for cooling home price appreciation.” 

The HPI report tracks home–price changes less than four weeks behind real time at the national, state and metropolitan, or core-based statistical area, levels and includes metropolitan price tiers that break up sale transactions into starter–, mid– and luxury-home tiers. 

In Dallas, the starter and mid tiers were up 1.6% year over year, while the luxury tier was up 4.5%. 

“Potential first-time home buyers suffer the most from affordability challenges, as they lack the equity from an existing home to bring to the closing table,” Fleming noted. “Yet, first-time home buyer demand appears to be resilient, since annual price growth in the starter-home price tier remained positive in 25 of the top 30 markets we track in August.”