United States Housing

United States

Home prices fall to eight-year low

In January, the unadjusted S&P/Case-Shiller 20-city home price composite index dropped 0.8% over the previous month. The decline followed on the 1.1% price fall registered in December and marks, in fact, the fifth consecutive month of declining home prices. Nevertheless, the price drop was just in line with market expectations. On an annual basis, home prices are 3.8% below the same month last year, up from the 4.1% annual fall recorded in December. 16 of the 20 cities surveyed posted declines over the previous month and, according to S&P, ?despite some positive economic signs, home prices continued to drop?. At the current level, home prices have now returned to the level observed in 2003 and are 34.4% below the peak reached in July 2006.


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