Dallas Home Prices Down

July 29, 2008

Dallas home prices are down by 3.1 percent in a just-released study of the U.S. housing market.

But the local price decline is modest compared to the almost 16 percent nationwide fall in May compared with the previous year, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.

The Dallas Morning News reports, The home price slide in the 20 major cities surveyed set a record.

“Regional patterns stand out: the Sunbelt led by Miami, Tampa, Phoenix, Las Vegas, San Diego and Los Angeles saw the biggest booms and now see the largest declines,” Standard & Poor’s David M. Blitzer said in the report. “One possible bright spot is that seven (metropolitan areas), while still negative, showed some improvement in their annual figures over those reported last month.”

Compared with April’s index, the Dallas area saw a 1 percent increase in home prices.

The worst annual declines were in Las Vegas (-28.4 percent), Miami (-28.3 percent) and Phoenix (-26.5 percent).

Charlotte (-02 percent) and Dallas had the smallest annual price declines.

Case-Shiller tracks the prices of typical single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers preowned properties – no new construction.

The Case-Shiller researchers compare “arms-length sales” of specific single-family homes over time.

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