U.S. home prices declined for a third straight month in nearly all cities tracked by Standard & Poor’s/Case-Shiller home price index, according to figures released today, an indication that most homeowners are not seeing the benefits from some signs of an improving housing market.
There were declines of 1.3 percent for both the 10- and 20-city composites in November over October, the index shows; annual returns dropped 3.6 percent and 3.7 percent, respectively.
New York saw no change in annual returns in November; while Charlotte, Cleveland, Denver, Minneapolis and Phoenix saw their annual rates improve.
“Despite continued low interest rates and better real [Gross Domestic Product] growth in the fourth quarter, home prices continue to fall. Weakness was seen as 19 of 20 cities saw average home prices decline in November over October,” said David Blitzer, chairman of the index committee at S&P Indices. — Katherine Clarke