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DFW home prices down, but not as bad as elsewhere

Home prices are down in Dallas-Fort Worth, but the area continues to fare better than most metropolitan areas of the country as the housing slump deepened, according to May figures released Tuesday morning.

Prices in Charlotte, N.C., declined the least from May 2007 to this May, and the North Texas area was second best, down 3.1 percent, according to the data from the Standard & Poor's Case-Shiller Home Price Indices.

The index is a measure of home price activity, based on home sales data.

Overall, home prices tumbled by the steepest rate ever in May, according to the index. Home values have fallen 18.4 percent since the 20-city index's peak in July 2006, The Associated Press reported.

All 20 metro areas measured saw a drop from a year ago, with the average at minus 15.8 percent.

Nine metro cities -- Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. - posted record lows in May. The most significant declines were seen in Las Vegas (down 28.4 percent from a year ago), Miami (down 28.3 percent) and Phoenix ( down 26.5 percent).

"Since August 2006, there has not been one month where we have seen overall price increases, as measured by the two composites," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

This report contains material from The Associated Press.

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