Dallas and Denver set new highs in housing index

July 30, 2013 at 10:21 AM
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NEW YORK, July 30 (UPI) -- Home prices indexes in Dallas and Denver hit record highs in May, the first two cities to do so since the recession, a closely watched index showed.

The S&P/Case-Shiller housing report said that their 10-city index rose 2.5 percent, while the 20-city index rose 2.4 percent from April to May.

From a year earlier, the 20-city index was up 12.2 percent, shy of the 12.4 percent economists expected.

The 10-city composite rose to 169.69, while the 20-city composite reached 156.14.

On top of that "Dallas and Denver reached record levels, surpassing their pre-financial crisis peaks set in June 2007 and August 2006," the report said, noting they were the first to cities to do so.

The index for Dallas reached 127.58, while the Denver index hit 140.98.

No index in the report showed a decline. Among individual cities, San Francisco posted a 4.3 percent gain from April to May and a 24.5 percent gain from May 2012, giving the city the sharpest month-to-month and annual gains.

The price index for Las Vegas is up 23.3 percent from a year earlier and 2.7 percent from April. In Phoenix, the index rose 20.6 percent from May 2012 and 1.9 percent from April.

Among the cities monitored, New York and Cleveland showed the slowest annual gains with the index up 3.3 percent and 3.4 percent, respectively, from May 2012.

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