Index shows October home prices flat
Of 20 cities tracked by the S&P/Case-Shiller Home Price Index, 12 show negative month-to-month readings in October. Compared with a year ago, all 20 are negative.
In October, average home prices across the United States were at similar levels to where they were in the autumn of 2003, according to the report.
"The turnaround in home prices seen in the spring and summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis," said David M. Blitzer, chairman of the Index Committee. "All in all, this report should be described as flat."
Phoenix showed the biggest month-to-month increase -- 1.3%. San Francisco, which has reported seven consecutive months of positive returns, showed a 1.2% increase over September. San Diego has reported six consecutive monthly gains, and Los Angeles and Phoenix are close behind with five.
Both Minneapolis and Portland are no longer reporting double-digit declines. Denver and Dallas are nearing positive territory with their annual figures at negative 0.1% and negative 0.6%, respectively.
In Las Vegas prices have declined for 38 consecutive months, with a peak-to-trough reading of negative 55.4%. It is now barely 5% above its January 2000 level. This compares with its peak in August 2006, when the average home price was 135% above that same level.