DALLAS – Area home prices rose at the slowest rate in almost six years, according to the latest Standard & Poor's/Case-Shiller Home Price Index.
Local prices were up 5.8 percent year over year in March. The last time area home prices grew at such a slow rate was 2012.
Area home prices are more than 40 percent higher than pre-recession prices.
According to the index, nationwide home prices rose by 6.5 percent in March. U.S. prices are now 1 percent higher than they were before the housing crash in 2006, according to Case-Shiller.
"Until inventories increase faster than sales or the economy slows significantly, home prices are likely to continue rising," Standard & Poor's David M. Blitzer said in the report. "Compared to the price gains of the last boom in the early 2000s, things are calmer today."
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