Thursday, May 28, 2009

Denver, Dallas and Charlotte Housing Stabilizes

One month does not make a trend but it is instructive that Charlotte metro area housing prices were up 0.3% in March versus February. The Dallas metro area was flat and Denver metro area prices climbed 0.1%.

All other top 20 metro areas continued to decline in March, according to the Case-Schiller report (pdf).

Showing the largest declines percentage wise in March were Minneapolis with a 6.0% drop, Detroit with a 4.9% drop and Phoenix with a 4.5% drop.

In addition to cyclical problems, Detroit is likely suffering from long-term secular decline, and Phoenix is suffering from overbuilding,but will recover.

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