No Bubble in Texas Despite all of the Oil Money

San Antonio area home values rose about 4.3 percent in 2004, while state prices averaged a 3.9 percent increase. Those are modest increases compared with the 11.2 percent average jump on the national scale.

"There's been a limited amount of price appreciation going on in Texas compared to the nation," said Mark Dotzour, chief economist of the Texas A&M University Real Estate Center. "There's been no bubble in the housing markets of any city in Texas."