WASHINGTON (MarketWatch)
U.S. house prices slumped 1.3% in November, according to the S&P/Case-Shiller 20-city composite house price index released Tuesday
Year-on-year, prices fell 3.7%, with 13 of 20 areas seeing annual returns decrease
Atlanta prices are down 11.8% year-on-year, and Detroit and Washington D.C. were the only cities with positive returns
The peak-to-current decline for the 20-city composite is -32.9%
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WASHINGTON (MarketWatch) — U.S. house prices dropped sharply in November to mark the third straight drop, according to a closely followed index released Tuesday.
The S&P/Case-Shiller 20-city composite home price index dropped 1.3% to take the year-on-year drop to 3.7%.
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The declines were broad, with only one city, Phoenix, managing a monthly gain. On a year-on-year basis, only hard-hit Detroit and Washington D.C. managed annual gains.
The tumble has been particularly rough in Atlanta, where prices fell 2.5% on the month to bring the annual drop in the city to 11.8%, the worst of the 20 cities measured.
Atlanta, Las Vegas, Seattle and Tampa reached new lows.
While prices usually fall in the winter, on a seasonally adjusted basis the index also declined in November, falling 0.7%.
From the July 2006 peak, prices have dropped 32.9%.
The Case-Shiller data, which includes transactions from September and October, broadly tracks what other home-price gauges say. On a year-on-year basis, the Federal Housing Finance Agency’s index was down 1.8%, while CoreLogic reported a 4.3% drop.
Home builders nonetheless have enjoyed a rally off lows. The iShares Dow Jones U.S. home construction index fund /quotes/zigman/1496092/quotes/nls/itb ITB -2.03% has climbed 62% from October levels as housing starts and home-builder confidence data have improved.
In December, sales of existing homes hit an 11-month high. Read more on existing-home sales.
Steven Ricchuito, chief economist at Mizuho Securities USA, says the drop in prices seems to have enticed buyers.
“These numbers fit with our view that the economy is at the stage where housing has turned the corner in activity if not yet in price action,” he said in a note to clients.
Separately, the Conference Board reported a decline in consumer confidence in January, and a measure of Chicago manufacturing activity dipped as well during the month.
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