Single-family home prices declined in September, according to the S&P/Case Shiller composite index of 20 metropolitan areas, which fell 0.6% from August on a seasonally adjusted basis.
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This morning’s report also revises August prices to show a decline of 0.3% after originally being reported as unchanged. Despite the slight decline in September, the index has leveled off in recent months, and analysts are hoping the market is at least stabilizing.
“Over the last year home prices in most cities drifted lower,” said David Blitzer, chairman of the index committee at Standard & Poor’s. “The plunging collapse of prices seen in 2007-2009 seems to be behind us.”
However, Blitzer added that, “any chance for a sustained recovery will probably need a stronger economy.”
Home prices were down 1.2% on a seasonally adjusted basis in the third quarter, compared to the second, and were down 3.9% from the third quarter a year ago. However, compared to a year ago, price declines in the 20 cities continued to improve in September, and were down 3.6% after a year over year decline of 3.8% in the month prior.