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Conflicting Data on Home Prices Released

2008-02-28 15:53:02 (GMT) (Caymanmama.com - Top Stories News)

Two widely respected organizations released conflicting information about the Dallas, Texas housing market yesterday.

The S&P/Case-Shiller Home Price Index which tracks the prices of typical single-family homes in 20 metropolitan areas (no condos, townhouses or new construction), and The Office of Federal Housing Enterprise Oversight which uses a weighted, seasonally adjusted measure of home prices based on information provided by Freddie Mac and Fannie Mae (government sponsored mortgage investors) both came to different conclusions about the health of the Dallas market.

Disagreements among analysts is nothing new, but data dramatically different is rare.

S&P/Case-Shiller said that Dallas-area home prices fell 2.4% in December 2007. The Office of Federal Housing said that Dallas-area home prices rose 2.95% at the end of 2007. Furthermore, they said that prices edged up 0.84% nationally.

An interesting notation about The federal agency is that they do not track information on homes priced above $417,000. If that’s the case, then it is possible that their information is more accurate since the high-end, luxury portion of the housing market in the Dallas area has been somewhat robust compared to housing in the lower pricepoints.

In separate news, stock share prices of the nation’s largest home building companies rose between 5% and 9.3% yesterday, perhaps signaling that the downward spiral is nearing an end.

This information brought to you by Pat Kirby

CaymanMama.com - Press Release Distribution Service

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