Tuesday, May 29, 2012

Dallas home prices turn corner after long decline


By: Steve Brown The Dallas Morning News

Dallas-area home prices were up for the first time in more than 18 months in a closely-watched housing survey.
Prices in Dallas rose 1.5 percent in March from a year ago in the Standard & Poor's/Case-Shiller Home Price Index.
Dallas was one of seven U.S. markets in the monthly survey that saw year-over-year home price gains.
Nationwide prices continued to fall - down 2.6 percent from March 2011, according to Case-Shiller.
"There are now seven cities - Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix - where the annual rates of change are positive," Standard & Poor's David M. Blitzer said Tuesday in the report. "This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change.
"Once we see this on a broader level we will be able to say the market has turned around."