Dallas-Fort Worth home prices were down 4.7 percent in May from a year ago, according to the latest Standard & Poor's/Case Shiller index released Tuesday.
It is the 11th consecutive month that area prices declined on the index, which looks at home prices in the nation's 20 largest metro areas. In May, Washington, D.C., was the only metro area with a positive gain, up 1.3 percent from May 2010, the index said.
Locally, prices were up 0.9 percent in May over April, putting Dallas-Fort Worth among 17 metro areas with month-over-month price increases. Monthly declines were seen in Detroit, off 2.8 percent; Las Vegas, down 0.9 percent, and Tampa, down 0.6 percent.
David Blitzer, chairman of the index committee, said the improvements in the 17 metro areas may be seasonal and that there was likely more demand for housing in the spring.
Sign Up and Save
Get six months of free digital access to the Star-Telegram
"The concern is that much of the monthly gains are only seasonal," Blitzer said. "May's report showed unusually large revisions across some of the metropolitan statistical areas. When sales volumes are relatively low, as is the case right now, revisions are more noticeable."
On average, home prices fell on the 20-city index by 4.5 percent in May from a year ago, but were up 1 percent from April.
For the second month in row, Minneapolis experienced the largest annual decline, down 11.7 percent in May. Prices were down 9.5 percent Phoenix and Tampa, and down 9.1 percent in Portland, on an annual basis.
Sandra Baker, 817-390-7727