Home prices still falling but may be flattening
October home prices were essentially flat compared with September, according to the S&P/Case-Shiller home price report released moments ago.
Housing prices are still heading downward, but all 20 metro areas surveyed by Case-Shiller showed a slowing pace of decline from September to October.
The average U.S. house is now back to what it was worth in fall of 2003, the report said.
Only seven of the 20 metro areas actually saw a month-to-month gain in prices.
In Washington, home prices are down 2.8 percent compared with this time last year.
Looking at home prices in some of the other 20 metro areas on a year-over-year basis, they are down 10.1 percent in Chicago, down 2.8 percent in Boston, down 15.1 percent in Detroit, down 26.6 percent in Las Vegas, down 18.1 percent in Phoenix, down 7.7 percent in New York, down 12.4 percent in Seattle and down 15.2 percent in Tampa.
Year-over-year prices are down only 0.6 percent in Dallas and 0.1 percent in Denver, two markets that show some promise.
-- Frank Ahrens
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December 29, 2009; 9:14 AM ET
Categories: The Ticker | Tags: Case-Shiller, home prices
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