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North Texas home prices fall 3.2 percent

North Texas home prices declined 3.2 percent between June 2007 and June 2008, the seventh month in a row to do so, according to figures released Tuesday morning from the S&P/Case-Shiller Home Price Indices.

All 20 metropolitan areas the monthly report covers saw price declines between June 2008 and the year before.

North Texas had the second-smallest decline in home prices, after Charlotte, N.C.’s, 1 percent drop.

The steepest declines came in Las Vegas (-28.6 percent), Miami (-28.3 percent) and Phoenix (-27.9 percent).

Overall, the 20-city composite saw its largest annual decline, 15.9 percent, according to the figures. Even though the decline was at a new low level, the slower fall of home prices in June could be the start of a larger trend, said David M. Blitzer, chairman of the Index Committee, in a statement.

"While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level," Blitzer said.

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