Home prices drop in seasonal slowdown, dip september-october, but october is up from '11
Home prices in the nation's 20 biggest cities dipped 0.1 percent in October from the prior month but rose strongly from the same month last year, according to a closely watched index, indicating the start of the seasonal slowdown in home prices.
It was the first month-over-month dip after six months of gains for the Standard & Poor's/Case-Shiller index of 20 large cities. The index was up 4.3 percent compared with October 2011.
"Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Higher year-over-year price gains plus strong performances in the Southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy."
Five cities in the 20-city index turned negative, posting month-over-month declines in October after being in positive territory the month before. Those five cities were Atlanta, Dallas, Miami, Minneapolis and Seattle. Among all of the cities, Chicago posted the weakest numbers, dropping 1.5 percent, followed by Boston, where prices fell 1.4 percent.
Las Vegas posted the strongest gain, with prices up 2.8 percent.
- Shoppers skip turkey for a shot at...
- Barbie can be an engineer, but only if the...
- 4 reasons why you shouldn't shop on Black Friday
- BLACK FRIDAY LIVE: Protests, beer and prison
- Here's how much you can expect to spend on...
- 5 ways to talk about money with your family...
- Our complete guide to Black Friday, Cyber...
- Immigration reform will boost the economy,...
- Shoppers skip turkey for a shot at... 13
- Working on Thanksgiving Day? Here's why... 12
- Immigration reform will boost the... 7
- Barbie can be an engineer, but only if... 7
- Thanksgiving trumps Black Friday for deals 4
- Facing health law hikes, consumers mull... 4
- Salt Lake City opens door for rideshare... 2
- 5 ways to talk about money with your... 2