Dallas-area home prices rose 4 percent in January

Prices of pre-owned homes in the Dallas area are continuing to bounce back from last year's declines.

Dallas-area home prices are rebounding, including high-end properties. This house in Highland Park is listed for sale at $1.099 million. " onclick="return clickedImage(this);" onmouseover=" this.style.cursor='hand'" width="175" height="103">

MICHAEL AINSWORTH/DMN

Dallas-area home prices are rebounding, including high-end properties. This house in Highland Park is listed for sale at $1.099 million.

Local housing values rose in January by more than 4 percent from a year ago in the latest Standard & Poor's/Case-Shiller Home Price Index.

The increase is the largest since residential values began rising again in North Texas in November, according to the closely watched home price measure.

And it was the third consecutive month that the index recorded year-over-year price gains.

The Dallas area had the third-largest year-over-year home price increase in January of the 20 cities Case-Shiller tracks.

San Francisco prices rose 9 percent, and San Diego prices were up 5.9 percent. Both of those markets suffered steep declines in prices in the last two years, while Dallas had a modest dip.

Nationwide, prices were down 0.7 percent from a year ago in the latest report. But home values rose in nine major markets that Case-Shiller follows.

Read more>