Tuesday, April 28, 2009

Dallas-area home prices slide 4.5% in S&P/Case-Shiller report

Dallas-area home prices were down 4.5 percent from a year ago in the latest measure by Standard & Poor’s/Case-Shiller.

Dallas’ decline compares with an overall 18.6 percent nationwide drop in prices in February from a year earlier, according to the closely watched index which was released Tuesday.

Dallas had the smallest price decrease among the 20 cities surveyed.

And February’s local numbers showed a slight improvement from January, when the Dallas index was down about 4.9 percent.

“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” S&P’s David M. Blitzer said in the report. “We will certainly need a few more months of data before we can determine if home prices are finally turning around.”

The annual rate of home price decline slowed in nine of the 20 metropolitan areas the index tracks each month. It was the first time since late 2007 that the nationwide index did not show a record decline.

But many cities still saw huge drops in prices, including Phoenix (-35.2 percent), Las Vegas (-31.7 percent) and San Francisco (-31 percent).

S&P analysts said Dallas-area home prices are down 11.1 percent from their peak in mid 2007. In Phoenix – the hardest hit market – home prices have fallen more than 50 percent since 2006.

The Case-Shiller survey 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 pre-owned properties – no new construction.

The Case-Shiller researchers compare sales of specific single-family homes over time.

The latest local home market estimates show that prices were down 8 percent in the first quarter compared to the same period of 2008. Those figures are based on sales of pre-owned homes through the real estate industry’s multiple listing service.

Metropolitan area Feburary 1-year change
Atlanta -15.3%
Boston -7.2%
Charlotte -9.4%
Chicago -17.6%
Cleveland -8.5%
Dallas -4.5%
Denver -5.7%
Detroit -23.6%
Las Vegas -31.7%
Los Angeles -24.1%
Miami -29.5%
Minneapolis -20.3%
New York -10.2%
Phoenix -35.2%
Portland -14.4%
San Diego -22.9%
San Francisco -31.0%
Seattle -15.4%
Tampa -23.0%
Washington -19.2%
Composite-20 -18.6%

SOURCE: Standard & Poor's and Fiserv
By STEVE BROWN / The Dallas Morning News