According to the Case/Schiller Index, a 20 city index that’s supposed to be representative of the nation as a whole, there is a clear trend that home prices declines are moderating – yet another sign the beleaguered housing market is stabilizing. Eight of the 20 metros posted price gains from March, with Dallas recording the largest increase at 1.7 percent. Every city, with the exception of Charlotte showed improvement month-over-month.
The 20-city index is down approx. 33% from its peak in 2006, which means home values are now around 2003-levels. In the hardest hit areas of Phoenix and Las Vegas home prices have lost more than half their value since their peaks. The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded.
