The majority of the 20 cities included in the S&P Case-Shiller Home Price Indices are showing gains off the bottom in May. Three cities, San Diego, San Francisco and Minneapolis all reported year-over-year gains of more than 10 percent (but still remain 34.8 percent, 34.9 percent and 28.3 percent, respectively, below their market peaks). Only one city has a home price index less that January 2000, and that was Detroit.
The best long term performing city in the index (and only one from Texas) is Dallas (-5.2% decline from the Dallas Market Peak). Based on Median and Average Sales prices for both Dallas and Austin, Austin would most likely show a better performance than Dallas if it were included in the index.
The two worst markets in terms of price decline from the Market Peak are Las Vegas (56.4%) and Phoenix (51.2%).
The methodology of the Case-Shiller is based on re-sales of the same property (so it really is a superior measure to medians or average prices).