US home prices fall again in December: Case-Shiller

Tuesday 25 February 2014 15.25
Case-Shiller index for 20 leading US cities fell 0.1% in December
Case-Shiller index for 20 leading US cities fell 0.1% in December

US home prices fell for the second month in a row in December, the S&P/Case-Shiller index showed today in a fresh sign of a slowdown in the housing market recovery.

The Case-Shiller index for 20 leading cities fell 0.1%, matching the November decline.

There was still strength in some markets, with Washington, San Francisco, Las Vegas, Dallas, Miami and Tampa, Florida, showing gains while the rest were flat or lower.

Miami was the strongest in the month, with prices up 0.9%.

December's decline rounded out an altogether soft fourth quarter of 2013, with prices down 0.3% from the previous quarter.

December's decline rounded out an altogether soft fourth quarter of 2013, with prices down 0.3% from the previous quarter.

Much of that has been attributed to the rise in mortgage interest rates during the middle of the year, as well as the sharp run-up in home prices since 2012 and tighter supply on the market.

Analysts also have said that severe winter weather in December may have hurt home sales.

But for the year, overall home prices nationwide were up 11.3%, according to the report by S&P Dow Jones Indices.
The national annual rise was the highest since 2005.