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Dallas-area home prices up for second straight month | Dallas-Fort Worth Business News – News for Dallas, Texas – The Dallas Morning News

June 27, 2012

Dallas-area home prices up for second straight month

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Prices for pre-owned homes in the Dallas area are showing solid gains in the latest housing report.

They rose 2.8 percent in April from a year ago in the Standard & Poor’s/Case-Shiller Home Price Index released Tuesday.

It’s the second month in a row that prices for homes here increased in the closely watched survey.

Dallas-area prices were 1.5 percent higher in March, ending a 20-month decline in residential values.

While area home prices continued to rebound, nationwide there were more year-over-year declines. Case-Shiller found that home prices in the 20 major markets it tracks were down 1.9 percent in April from 2011 levels.

But nationwide, prices were up 1.3 percent in April from March — a positive sign for future gains.

“We finally saw some rising home prices,” S&P’s David M. Blitzer said in the report. “The last few months have seen increased sales and housing starts amidst a lot of talk of better housing markets, so some price gains were anticipated.”

North Texas pre-owned home sales are up by 16 percent so far this year compared with the first five months of 2011. And median home sales prices are 6 percent higher based on sales through the Realtors’ multiple listing service.

But not all U.S. markets are sharing in the price improvements.

Prices were down 17 percent from a year ago in Atlanta in April and fell 5.8 percent in Las Vegas and 5.6 percent in Chicago.

Along with Dallas, prices were up from April 2011 levels in half of the cities Case-Shiller follows for its survey.

Dallas-area home prices in the index are still about 8 percent below the peak of the market in June 2007.

But the housing market has been making significant progress in 2012.

David Brown, who heads the Dallas office for housing analyst Metrostudy Inc., said he expects the Case-Shiller index “to show even stronger appreciation in the coming months based on the increased sales activity and low inventory numbers.”

“As long as the job growth holds, I expect the housing recovery to continue through the rest of the year and into next year,” Brown said. “I would not be surprised to see the Case-Shiller Home [index] exceed a 5 percent increase by the end of the year based on the strong sales and low inventory numbers.”

Case-Shiller’s index tracks over time the prices of specific single-family homes in each metropolitan area. The index survey does not include condominiums and townhouses.

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S&P Case-Shiller Home Price IndexPercentage change in home prices in April 2012 compared with a year earlier in each market.
Atlanta -17 %
Boston 0.1%
Charlotte 0.8%
Chicago -5.6%
Cleveland -1.3%
Dallas 2.8%
Denver 2.8%
Detroit 1.2%
Las Vegas -5.8%
Los Angeles -3.6%
Miami 3.2%
Minneapolis 3.8%
New York -3.8%
Phoenix 8.6%
Portland -0.9%
San Diego -1.8%
San Francisco -1.4%
Seattle -1%
Tampa 0.8%
Washington 1.6%
20-city composite -1.9%
SOURCES: Standard & Poor’s and Fiserv

via Dallas-area home prices up for second straight month | Dallas-Fort Worth Business News – News for Dallas, Texas – The Dallas Morning News.

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