The widely circulated Standard & Poors/Case Schiller National Home Price Index reports values in Dallas down 0.6% in November 2009 compared to same month prior year.  Meanwhile, North Texas Real Estate Information Systems (NTREIS), which operates the MLS system in 22 counties including all of DFW, reports median values up 5% for the same periods.

S&P/Case Schiller compares values of single family homes over the two time periods; it reports two months late (in January for November).  MLS compares all home sales for the same periods; it reports by the first week of the following month (December for November).  S&P Case Schiller excludes condominiums and townhouses; NTREIS includes them.

NTREIS also reports pre-owned home sales — at 5,480 units — rose 31% from the prior year — one of the biggest increases on record and the second consecutive month of irsing sales.  Pending sales were up 8% at 4,149 while condo pending sales were up 38% at 272.   Condo sales — at 368 units — were up 62% in November from the prior year.

And home listings were down 15% at 33,280; condo listings were down 7% at 3,535.  Both are less than a six month supply, which is bullish for values.

Undoubtedly, some of the year over year gains were attributable to anticipated expiration November 30 of the first time home buyers’ tax credit (since extended to April 30) which created a surge in demand.  But the extension also applies to relocating home buyers; that should help maintain demand at least through April.