In September, the S&P/Case-Shiller home price composite 20-city index fell for a second consecutive month, decreasing 0.7% over August on a non-seasonally adjusted basis (August: -0.2% month-on-month). The reading surprised the market on the downside, as analysts had anticipated prices falling only 0.2% over August. On an annual basis, home prices increased only 0.6% in September (August: +1.7% year-on-year), which represented the fourth consecutive month of moderating year-on-year price increases. Since the trough in April 2009, home prices have only recovered an accumulated 5.9% and still remain 28.6% below their July 2006 peak. September's weaker-than-expected reading reflected a sluggish housing market, which ?is running at less than half the pace needed to meet normal demand?, according to S&P. The weakness of this sector during the third quarter is corroborated by the 27.5% annualised drop over the previous quarter in residential fixed investment, according to national accounts figures from 23 November.
United States Housing
Home prices drop more than expected in September
November 30, 2010
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