Home prices flat in NYC, S&P report shows

New York City-area home prices remained relatively flat in November, according to the latest Standard & Poor’s/Case-Shiller Home Price Indices report. The New York metro market hit 169.75 on the index, down 1.7 percent from the same month a year earlier and down 1 percent from October 2010. The report, which has been met with some criticism from Manhattan market experts, who point out that it doesn’t cover condos and co-ops, also shows relatively little change among home prices nationwide. S&P’s 20-city composite and 10-city composite showed declines of 1.6 percent and .4 percent, respectively, on the index. David Blitzer, chairman of the index committee with S&P, said that the U.S. market performance in November could indicate trouble in the future. “With these numbers more analysts will be calling for a double-dip in home prices,” Blitzer said. TRD