Saturday, April 04, 2009

Home Price Drop: Atlanta 14% - Dallas ONLY 4.9%

Home prices in the Dallas area dropped 2.4 percent between January of this year and December 2008 -- edging the Big D down to a point where home prices are 4.9 percent lower when compared to the previous year, the Standard & Poor’s S&P/Case-Shiller Home Price Indices said Tuesday.

After analyzing all of the Metropolitan areas studied in the S&P/Case-Shiller report, Dallas, Denver and Cleveland are still leading in terms of resilience with their annual price declines in the 4.9 to 5.2 percent range, the report says. These three markets have become somewhat of a silver lining compared to Sunbelt cities like Phoenix, where home prices are down 35 percent over the previous year.

Las Vegas and San Francisco saw prices drop 32.5 percent and 32.4 percent, respectively.

In the Dallas metro area, home prices peaked in June 2007, according to S&P/Case-Shiller. Current data shows home prices are now down 10.8 percent from that peak. In comparison, Phoenix is down 48.5 percent from its peak, which occurred in June 2006.

"Home prices ... continued their decline in 2009," said David Blitzer, chairman of the Index committee at Standard & Poor's. "There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and nine of the MSA's falling more than 20 percent in the last year."