Dallas-area home prices rose just 1.2% in June

Posted by Emily Ray-Porter Group on Tuesday, August 31st, 2010 at 12:22pm.

By STEVE BROWN / The Dallas Morning News

Dallas-area home prices are still ahead of where they were a year ago. But the rate of increase has dwindled from earlier in 2010.

In June, home prices in the Dallas area were up 1.2 percent from a year ago, according to the latest Standard & Poor’s/Case-Shiller Home Price Index.

That’s a fraction of the more than 4 percent year-over-year gain the area saw in January.

And the Dallas area June increase was much less than the 4.2 percent nationwide gain, Case-Shiller found.

Analysts worry that the housing sector recovery has lost steam since federal buying incentives expired a few months ago.

“The homebuyers’ tax credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak,” S&P’s David Blitzer said in the report. “Even with concerns about near-term developments, we recognize that the housing market is in better shape than this time last year.”

Indeed, a year ago Dallas-area home prices were down 2.2 percent in the Case-Shiller index.

June 2010 was the eighth consecutive month of increases.

But the rate of price growth in North Texas declined sharply. In May, prices were up 2.9 percent and they rose 3 percent year-over-year in April.

Unlike some home price measures based just on current sales, 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.

Dallas area home prices are still down about 4 percent from their peak in the June 2007 Case-Shiller index.

So far in 2010, median prices in North Texas are up just 1 percent based on the cost of homes sold through real estate agents’ multiple listing service.

Three-fourths of the U.S. markets Case-Shiller tracks for its closely watched monthly report had year-over-year price gains in June.

The biggest increases were in San Francisco, 14.3 percent, and San Diego, 11.2 percent.

The greatest price declines were in Las Vegas, down 5.2 percent, and Charlotte, N.C., down 2.7 percent.

S&P CASE-SHILLER HOME PRICE INDEX

Percentage change in home prices in June 2010 compared to year earlier in each market.

Atlanta

+2.0%

Boston

+3.4%

Charlotte

-2.7%

Chicago

-0.1%

Cleveland

+0.8%

Dallas

+1.2%

Denver

+1.8%

Detroit

+0.8%

Las Vegas

-5.2%

Los Angeles

+9.2%

Miami

+1.1%

Minneapolis

+10.7%

New York

+0.2%

Phoenix

+6.0%

Portland

+0.2%

San Diego

+11.2%

San Francisco

+14.3%

Seattle

-1.8%

Tampa

-1.6%

Washington

+7.3%

Composite-20 city

+4.2%

SOURCE: Standard & Poor's and Fiserv

 

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