Dallas home prices drop slightly, but hold their own

The average price of existing single-family homes in Dallas dropped 3.2 percent in June when compared to a year earlier, according to Standard & Poor’s latest S&P/Case-Shiller Home Price Index.

Despite the yearly drop in average price, the Dallas and Charlotte, N.C., home markets are considered to be among the strongest metropolitan areas in the S&P’s index of 20 key cities, S&P says.

“On the plus side, Denver and Boston were the best-performing markets for the month (of June), returning +1.5 percent and +1.2 percent, respectively,” S&P said. The report goes on to say both Denver and Boston are outdone by Dallas and Charlotte, which “have recorded four consecutive months of positive returns.”

Nationally, home prices declined 15.9 percent in the 20 cities for the year ending in June. Las Vegas and Miami were the weakest markets in the index, with Las Vegas seeing a 28.6 percent drop in prices, and Miami experiencing a 28.3 percent decline.