Dallas-area home prices rise 2.9% in new report
09:43 AM CDT on Tuesday, July 27, 2010Dallas-area home prices continued to post modest gains in the latest Standard & Poor’s/Case-Shiller Home Price Index.
Dallas had a 2.9 percent rise in prices in May from a year earlier in the new report released Tuesday.
While a solid increase, the Dallas-area increase in prices is less than the overall 4.6 percent average price rise recorded in the 20 cities Case-Shiller tracks.
But the national average is skewed by recent big price increases in some California markets that have seen dramatic drops in recent years.
San Francisco home prices rose by more than 18 percent in May from a year earlier. And prices were up 12.4 percent in San Diego and 9.7 percent in the Lo Angeles area.
Seven of the cities Case-Shiller tracks are still showing year-over-year declines. The largest price decreases were in Las Vegas, down 6.5 percent, and Charlotte, N.C., down 2.8 percent.
Case-Shiller analysts remain cautious.
“While May’s report on it’s own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of a sustained recovery,” S&P’s David Blitzer said in the report. “It still looks possible that the housing market might bounce along the bottom for the foreseeable future, before showing any real improvement that will filter through to the rest of the economy.”
May was the seventh consecutive month of year-over-year Dallas-area home price increase in the Case-Shiller index.
Local prices are still about 5 percent below where they were at the peak of the market in June 2007. But prices here have rebound by more than 6 percent from February 2009.
To measure prices, Case-Shiller looks at the actual value of specific single-family homes over time. The index does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The latest home price data based on North Texas home sales shows that pre-owned home prices are up about 2 percent from the first six months of 2009.
|Percentage change in home prices in May 2010 compared to year earlier in each market.|
|SOURCE: Standard & Poor's|