Data released Tuesday by the S&P/Case Shiller Home Price Indices shows that home prices in the United States dipped slightly in the third quarter of 2011, posting a 3.9 percent decline from the same quarter in 2010.
Home prices across the country continue to drop in price.
The indices, which track both 10- and 20-city composites of major American metropolitan areas, show that most of the surveyed regions saw prices in September improve over those seen in August, with only six major metropolitan areas (Atlanta, Las Vegas, Los Angeles, San Francisco, Seattle and Tampa) posting price declines. Three cities (Atlanta, Las Vegas and Phoenix) hit their lowest prices since the beginning of the housing crisis. Nationally, prices were up a slight 0.1 percent from 2Q 2011.
Analysts have suggested that home prices are likely to drift lower if the economy continues to lag, but acknowledge that the steep price plummets seen in 2007-2009 have largely come to a halt. Sustained recovery in the housing market, they insist, will require a significant strengthening of other economic factors including employment, hiring, wages and general stock stability.
See also:
Home Inventories on the Decline
San Francisco Retains Crown as the Country’s Greenest Real Estate Market
California Tops Most Expensive Real Estate Markets
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