Dallas-area home prices were up just 3% in the latest nationwide comparison.
The year-over-year price gain from March 2018 levels was the smallest increase in seven years in the S&P/Case-Shiller Home Price Index.
Nationwide prices rose 3.7% from a year ago, continuing a trend toward weaker housing appreciation in many U.S. metro areas.
“Home price gains continue to slow,” S&P’s David M. Blitzer said in the report. “The patterns seen in the last year or more continue: Year-over-year price gains in most cities are consistently shrinking.
“Double-digit annual gains have vanished.”
The biggest home price increases were in Las Vegas, up 8.2%, and in Phoenix, where home prices were 6.1% higher than in March 2018, according to Case-Shiller.
Dallas-area home price growth began to slow last year and has steadily declined so far in 2019. A year ago, percentage home price increases were almost twice as large as in the most recent Case-Shiller’s report.
An increase in houses for sale in North Texas and rising affordability problems have caused the local housing market to cool. Through the first four months of 2019, home sales by real estate agents are down 1% from the same period last year.
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