Existing home prices fell in October, according to the S&P’s Case-Shiller index. The 10- and 20-city indices declined 1.1% and 1.2% respectively. This marks the second consecutive month of price declines.
Despite the fall, home prices improved on a year-ago basis. The 10-city index is down 3% from one year ago, an improvement from the 3.2% reported last month.
Of the 20 metropolitan areas surveyed, only one, Phoenix, reported appreciation in home prices, a 0.3% increase in prices. Atlanta and Detroit were hit hardest, seeing monthly declines of 5.0% and 3.3% respectively. Only two metro areas, Detroit and Washington, have prices above year ago level seeing appreciation of 2.5% and 1.3% respectively. Las Vegas has been hit the hardest this year with prices remaining 8.5% below their level one year ago.
Read the report.