Tuesday, July 28, 2009
Dallas Metro Home Prices Show Improvement
The latest news from the Case Shiller Home Price Index show that Dallas had a month to month increase in home prices of about 1.9 percent from April to May. Of the twenty metropolitan areas that the report covers, only Dallas and Denver showed an increase. Home prices are still about 8% lower than the peak in 2007. This represents a major opportunity for home buyers seeking good value in housing. The numbers show a slowing of the decline and an indicator of a market reversal. I think we will continue to see strengthening prices in the coming months. Dallas showed a 4.1% decline from the previous year and I believe that we will not see much further deterioration in local housing prices. The worst declines were in Phoenix (-34.2%) and Las Vegas (-32%). Overall prices for the twenty markets were down 17% year to year. Unfortunately this is the number that buyers often focus on which gives a distorted view of actual markets. Consult your realtor in order to get accurate market information about the specific area that you are interested in. In the Collin County area we are not seeing the type of price declines as described in the study. In fact, in some price points we are actually seeing a slight increase. Call me today for the latest information.