Home prices' long road back
Home prices have turned the corner in most major U.S. markets, but some areas have a lot further to go than Dallas.
Content
Home prices’ long road back
By STEVE BROWN
Staff Writer [email protected]
LOCAL ECONOMIC SNAPSHOT | HOUSING
MICHAEL HOGUE
Staff Artist [email protected]
Home prices have turned the corner in most major U.S. housing markets. But some metropolitan areas have a lot further to come back than others. Dallas and Denver prices are the closest to where they were at the peak of the market before the recession, according to the Standard & Poor’s/Case-Shiller Home Price Index. Las Vegas, Phoenix, Miami and Tampa, Fla., have the longest way to go before prices recover. Percentages below are the decline from the pre-recession peak in each metropolitan area:
Boston -14%
Denver -4%
Cleveland -17%
Dallas-area home price changes
(Year-over-year change) Sept. ’07 +0.5% Jan. ’10 +4.1% Sept. ’12 +4.4%
Big-city U.S. home prices
more than doubled between 2000 and the peak of the market in 2006. But in the Dallas area, prices rose only about 25 percent during the same period.
(Case-Shiller Home Price Index)
“For sure Dallas prices — given another year — won’t be down. We didn’t give up as much so it doesn’t take as far to come back and recover.”
Dr. James Gaines, economist, Real Estate Center at Texas A&M University
Seattle -26%
Dallas -4%
Portland, Ore. -24%
New York -23%
Charlotte, N.C. -14%
Minneapolis -26%
Washington, D.C. -24%
Chicago -31%
Detroit -37%
Tampa, Fla. -44%
San Francisco -34%
Atlanta -30%
Phoenix -47%
Las Vegas -59%
Los Angeles -36%
Miami -47%
May ’11 -4.7%
San Diego -36%
Dallas-area homes listed for sale
(At its lowest level since 2000) 14,224
31,496 16,920
’90
’00
’07
’12
SOURCES: S&P/Case-Shiller Home Price Index; Fiserv; Real Estate Center at Texas A&M University
BOTTOM LINE
“The Texas markets led the country into the recovery. We are probably a year to a year-and-a-half ahead of these other cities. We’ve seen a lot of the mopup already take place.” “Since North Texas didn’t have a big run-up in home prices before the recession, there was really no price bubble here. The rebound in values is happening faster.” Steve Brown, real estate editor
Ted Wilson, principal, Residential Strategies Inc.
By STEVE BROWN
Staff Writer [email protected]
LOCAL ECONOMIC SNAPSHOT | HOUSING
MICHAEL HOGUE
Staff Artist [email protected]
Home prices have turned the corner in most major U.S. housing markets. But some metropolitan areas have a lot further to come back than others. Dallas and Denver prices are the closest to where they were at the peak of the market before the recession, according to the Standard & Poor’s/Case-Shiller Home Price Index. Las Vegas, Phoenix, Miami and Tampa, Fla., have the longest way to go before prices recover. Percentages below are the decline from the pre-recession peak in each metropolitan area:
Boston -14%
Denver -4%
Cleveland -17%
Dallas-area home price changes
(Year-over-year change) Sept. ’07 +0.5% Jan. ’10 +4.1% Sept. ’12 +4.4%
Big-city U.S. home prices
more than doubled between 2000 and the peak of the market in 2006. But in the Dallas area, prices rose only about 25 percent during the same period.
(Case-Shiller Home Price Index)
“For sure Dallas prices — given another year — won’t be down. We didn’t give up as much so it doesn’t take as far to come back and recover.”
Dr. James Gaines, economist, Real Estate Center at Texas A&M University
Seattle -26%
Dallas -4%
Portland, Ore. -24%
New York -23%
Charlotte, N.C. -14%
Minneapolis -26%
Washington, D.C. -24%
Chicago -31%
Detroit -37%
Tampa, Fla. -44%
San Francisco -34%
Atlanta -30%
Phoenix -47%
Las Vegas -59%
Los Angeles -36%
Miami -47%
May ’11 -4.7%
San Diego -36%
Dallas-area homes listed for sale
(At its lowest level since 2000) 14,224
31,496 16,920
’90
’00
’07
’12
SOURCES: S&P/Case-Shiller Home Price Index; Fiserv; Real Estate Center at Texas A&M University
BOTTOM LINE
“The Texas markets led the country into the recovery. We are probably a year to a year-and-a-half ahead of these other cities. We’ve seen a lot of the mopup already take place.” “Since North Texas didn’t have a big run-up in home prices before the recession, there was really no price bubble here. The rebound in values is happening faster.” Steve Brown, real estate editor
Ted Wilson, principal, Residential Strategies Inc.
