S&P/Case-Shiller: NY-area home prices continue to slide

U.S. home prices fell in 13 of the 20 cities covered by the S&P/Case-Shiller Home Price Indices during the month of March, though 10 cities posted year-over-year price increases, according to data released today by Standard & Poor’s. In the New York metro area, prices slid another 0.7 percent month-over-month and were 2.4 percent below their levels in March 2009. Overall, U.S. home prices fell 3.2 percent during the first three months of 2010 but did not dip below their level at the same time last year. “The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices,” David Blitzer, chairman of Standard & Poor’s index committee said in a statement. “It is especially disappointing that the improvement we saw in sales and starts in March did not find its way to home prices. Now that the tax incentive ended on April 30, we don’t expect to see a boost in relative demand.” TRD