Yesterday morning, Case Shiller released their monthly report of home prices for metro areas nationwide. The Dallas Fort Worth area showed a 1.7% decline in single family home prices in August of 2010 compared to August of 2009.
This latest data would seem to contradict reports that show the median home price in DFW has risen by 3%. The Case Shiller report does not calculate median prices, their index is calculated based on the actual sales prices of homes over a specific length of time. Median prices in the DFW area have shown a rise because of the recent strength of the higher-end housing in DFW, which has started to sell at a faster pace because long-term price reductions have brought many buyers down from the fence.
Here’s a summary of some other data released in the report:
- DFW single family home prices dropped 1.7% in August of 2010 compared to August of 2009.
- DFW single family home prices dropped 0.4% in July of 2010 compared to July of 2009.
- National home prices rose 1.7% in August of 2010 compared to August of 2009.
- Home prices rose the highest in cities that showed some of the most substantial declines over the last several years, including San Francisco, which saw a 7.8% increase and San Diego, which saw a 6.9% increase.
- Las Vegas, NV showed a 4.5% price decline despite the fact that they were also one of the cities that have had substantial price declines over the last several years.
- Tampa, FL also showed a 4.1% decrease in home prices.
- The Case Shiller index only calculates prices of single family homes. Prices of condos and townhomes are not part of the index.
