Home prices in October declined in 19 American cities, as the Standard & Poor’s/Case Shiller home price index showed drops in both the 10-city and 20-city composites.
According to the latest S&P report, home prices declined 1.1% and 1.2% for the 10- and 20-city composite indexes.
“There was weakness in the monthly statistics, as 19 of the cities posted price declines in October over September,” said David Blitzer, chairman of the Index Committee at S&P Indices. “Eleven of the cities and both composites fell by 1.0% or more during the month. And even though some of the annual rates are improving, 18 cities and both composites are still negative. Nationally, home prices are still below where they were a year ago. The 10-city composite is down 3.0% and the 20-City is down 3.4% compared to October 2010.”
S&P said fourteen of 20 metropolitan statistical areas and both the 10 and 20-city composite indexes had improved annual returns up from September.
Miami experienced no change in annual returns in terms of pricing during the month of October, while Atlanta, Detroit, Las Vegas, Los Angeles and Minneapolis saw their annual rates worsen. Atlanta experienced the lowest annual pricing return, with prices down 11.7%.
“Atlanta and the Midwest are regions that really stand out in terms of recent relative weakness. Atlanta was down 5% over the month, after having fallen by 5.9% in September,” the report said. “It also has the weakest annual return, down 11.7%. Chicago, Cleveland Detroit and Minneapolis all posted monthly declines of 1.0% or more in October. These markets were some of the strongest during the spring/summer buying season. However, Detroit is the healthiest when viewed on an annual basis. It is up 2.5% versus October 2010.”
The only metropolitan statistical area to record a positive monthly change was Phoenix, which saw home prices edge up 0.3% from September to October.
The author of this article is: Kerri Panchuk
See the original post at: http://www.housingwire.com/2011/12/27/home-prices-declined-in-19-cities-in-the-fourth-quarter
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