Despite significantly lower values compared to 2007’s peak, Dallas News considers why this year Dallas-Fort Worth has seen the lowest home price declines of any city.
Using the Case-Shiller index, analysts are able to track the recent shift in home prices to higher levels, admitting that the upswing may be attributable to the first time home buyer credit.
Although foreclosure and unemployment remain central concerns, most economists expect prices to continue to climb, with North Texas cities, such as Dallas-Fort Worth, leading the road to recovery.
Dallas News used the S&P Case-Shiller Home Price Index to rank the decline in house prices in August 2009 from the year before in each market. According to the index Dallas-Forth worth saw the least decline:
City with Percent Decline
1. Las Vegas -29.9%
2. Phoenix -25.1%
3. Detroit -22.6%
4. Miami -18.8%
5. Tampa, Fla. -17.7%
6. Seattle -14.7%
7. Minneapolis -13.7%
8. Chicago -12.7%
9. Portland, Ore. -12.5%
10. San Francisco -12.5%
11. Los Angeles -12.0%
12. Composite (20 cities) -11.3%
13. Atlanta -10.6%
14. New York -9.6%
15. San Diego -8.9%
16. Charlotte, N.C. -8.6%
17. Washington, D.C. -7.9%
18. Boston -4.2%
19. Cleveland -2.8%
20. Denver -1.9%
21. Dallas -1.2%
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