U.S. Home Prices Fall For Sixth Straight Month - Spokane, North Idaho News & Weather KHQ.com

U.S. Home Prices Fall For Sixth Straight Month

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by Dave Cotton, KHQ News Anchor - bio | email

WASHINGTON (AP) - Home prices dropped in February in most major U.S. cities for a sixth straight month, a sign that modest sales gains haven't been enough to boost prices.

The Standard & Poor's/Case-Shiller home-price index shows that prices dropped in February from January in 16 of the 20 cities it tracks.

The steepest declines were in Atlanta, Chicago and Cleveland. Prices rose in Phoenix, San Diego and Miami. They were unchanged in Dallas.

The declines partly reflect typical offseason sales. The month-to-month prices aren't adjusted for seasonal factors. Still, prices fell in 15 of the 20 cities in February compared with the same month in 2011. That indicates that the housing market remains far from healthy despite the best winter for sales in five years.

New home sales in the U.S. were off 7 percent in March, the largest decline in a year.

 

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