Even though Dallas wasn't one of the top three U.S. markets for home gains, the North Texas city still showed gains in June, with an 8.9 percent year-over-year growth, according to S&P CoreLogic Case-Shiller Home Price Index.
The index, which was released Tuesday morning, said the top three U.S. markets for June were: Portland (12.6 percent), Seattle (11.0 percent) and Denver (9.2 percent).
The pricing gains showed markets in the west and south led the country, said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
"Nationally, home prices have risen at a consistent 4.8 percent annual pace over the last two years without showing any signs of slowing," Blitzer said, in a statement. "Overall, residential real estate and housing is in good shape."
Existing homes are selling at an annual pace of 5.5 million with a fairly tight market supply, which is especially true in North Texas. The Dallas-Fort Worth housing has been tight for the past few years as in-migrating companies bring residents in tow looking for homes.
And even though builders are working hard to put homes on the ground, labor shortages and increasing material costs hobble the mass production of homes and add to the rising costs of a single-family house.
While the real estate sector and consumer spending are contribution to economic growth in the country, Blitzer said business capital spending continues to show weakness.
Zillow's Chief Economist Svenja Gudell said she expects what's happening in these sellers' markets (like Dallas) to find more of equilibrium with buyers.
"As conditions in more local markets begin to shift and become more balanced between buyers and sellers, the national market will follow suit," she said, in a statement.
From May to June, Dallas homes increased nine-tenths of a percentage point, showing Dallas home prices are continuing to grow each month.
