U.S. home prices fall faster than expected in Sept.

By Reuters
Posted Nov. 30, 2010 at 8:06 a.m.

Prices of single-family homes in September fell more than twice as fast as expected from the prior month, while prices compared to a year earlier rose more slowly than forecast, according a widely watched index of U.S. home prices released on Tuesday.

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 0.8 percent in September from August on a seasonally adjusted basis.

Economists polled by Reuters had expected a decline of 0.3 percent.

S&P, which publishes the indexes, also said home prices in the 20 cities index rose 0.6 percent from September 2009, slower than the 1.1 percent expected.

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One comment:

  1. Lucid Realty Nov. 30, 2010 at 9:01 a.m.

    Well, I would hardly say this wasn’t expected. Those economists must not be very smart. Heck, sales volume has been dropping like a rock. For Chicago single family prices dropped 1.5% while condo prices fell 2.4%. You can get a longer term perspective in the top section of this page: http://blog.lucidrealty.com/chicago_real_estate_statistics/