December 27th, 2007 12:50 PM by Heather Brown
Home prices in Texas - especially in Austin - have defied the overall downward trend seen in other U.S. housing markets, according to a study by First American LoanPerformance.
In the Austin market, home prices increased 8.62% over the 12 month period ending in October. Other Texas markets included in the study's top 30 statistical areas include Dallas-Fort Worth-Arlington, which increased 3.92%: Houston-Sugar Land-Baytown, up 4.52%; and San Antonio, with a 7.89% increase.
Home prices fell in 21 states over the past year, according to the index, which provides monthly home price indices and median sales prices covering 7,451 ZIP codes, 956 core-based statistic areas, and 662 counties in all 50 states as well as the District of Columbia.
"The real estate market continues to exhibit ongoing declines in a number of key residential property markets," say Damien Weldon, vice president, collateral and prepayment analytics for First American LoanPerformance. "The overall picture continues to be mixed, however."
On a related note, for the 10th month in a row home prices across the U.S. dropped, according to a different study.
The record 6.7% monthly drop in the Standard & Poor's/Chase-Shiller home price index was the largest drop since April 1991. The index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier.
A broader index of 20 metro areas fell 6.1%. Among the 20 metropolitan areas used in the broader index, 11 posted record monthly declines and all 20 declined in October compared to September.
In the year-over-year comparison, Miami posted the largest decline among the 20 markets with prices down 12.4% in October compared with the same month last year. Tampa, Florida was the 2nd wort performing city with declines of 11.8%. Besides those two cities, Phoenix, Detroit, Las Vegas and San Diego also posted double digit year over year declines.
Only three areas included int the study- Charlotte, N.C., Portland, Ore., and Seattle - posted year over year home price appreciation in October. Charlotte posted the largest gain at 4.3 percent.
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