Dallas home prices down 5.6%, second lowest decline among the metropolitan areas

There is a good news in the bad news. Dallas had the second lowest decline in price at 5.6 percent after Denver 5.5. Great time to buy and invest.

The pace of Dallas home prices declines increased in the first quarter – down almost 6 percent from a year earlier.

The year-over-year decline was the largest reported for the Dallas area in the Standard & Poor’s/Case-Shiller monthly index benchmark.

The 5.6 percent Dallas area home price drop was still just a fraction of the almost 19 percent nationwide annual decline in values, the researchers said Tuesday.

All 20 of the U.S. metropolitan areas in the Case-Shiller index showed drops in prices..

Some economists have recently been forecasting that nationwide home prices will soon rebound.

“Based on the March data, however, we see no evidence that a recovery in home prices has begun,” S&P’s David M. Blitzer said in the new report. “All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines.”

The steepest annual home price drop was recorded in Phoenix with a 36 percent decline. And prices in Las Vegas were down 31.2 percent in March from a year ago.

The smallest price decline was recorded in Denver – down 5.5 percent. And Dallas had the second lowest decline at 5.6 percent.

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