Dallas fared reasonably well in the latest Case-Shiller Home Price Indices, the monthly report by Standard & Poor’s (S&P) that is the leading measure of U.S. home prices.
The newest report, which surveys home prices for August, found monthly prices from July were up nationally by 0.2 percent for both the 10- and 20-City Composites, the fifth consecutive positive month for the indices.
Houston is not represented in the Case-Shiller, but the indices do track prices in Dallas, which posted a 0.2 increase. Dallas was one of only 10 cities to post positive monthly results.
David M. Blitzer, Chairman of the Index Committee at S&P Indices, said the August data was a bit underwhelming, especially compared with July’s data.
“There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July,” Blitzer said. “And even though the annual rates are largely improving, 18 MSAs and both Composites are still negative. Nationally, home prices are still below where they were a year ago.”
For the 10- and 20-City Composites, yearly prices from August 2010 are down 3.5 and 3.8 percent, respectively, but Dallas prices are down just 1.9 percent, which is the fourth best yearly showing. Regardless, Blitzer said that even at those levels, year-over-year homes may be showing some improvement.
“In the August data, the good news is continued improvement in the annual rates of change in home prices,” Blitzer said. “In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data.”