Home prices in October declined in 19 American cities, as the Standard & Poor’s/Case Shiller home price index showed drops in both the 10-city and 20-city composites. According to the latest S&P report, home prices declined 1.1% and 1.2% for the 10- and 20-city composite indexes.
Atlanta, Detroit, Las Vegas, Los Angeles and Minneapolis saw their annual rates worsen. Atlanta experienced the lowest annual pricing return, with prices down 11.7%. Atlanta and the Midwest are regions that really stand out in terms of recent relative weakness. Atlanta was down 5% over the month, after having fallen by 5.9% in September. It also has the weakest annual return, down 11.7%.
The only metropolitan statistical area to record a positive monthly change was Phoenix, which saw home prices edge up 0.3% from September to October.