Industry NewsMarkets & Economy

Case-Shiller index: Home prices virtually flat in August

Only Detroit, Washington, D.C., post annual increases among 20 markets

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U.S. home prices stayed virtually flat in August compared to July and fell compared to a year ago, according to the latest Standard & Poor's/Case-Shiller Home Price Indices. While Case-Shiller's 20-City Composite saw its fifth monthly rise in August, the month's increase was a slight one, at 0.2 percent. The index fell 3.8 percent compared to August 2010. Half of the 20 metro areas tracked by the index saw month-to-month declines in August, most of them slight. Atlanta saw the biggest monthly index drop, down 2.4 percent, followed by Los Angeles (-0.4 percent). Washington, D.C., posted the biggest monthly increase (1.6 percent), followed by Chicago and Detroit (1.4 percent each). On a yearly basis, only two metro areas saw increases: Detroit (2.7 percent) and Washington, D.C. (0.3 percent). Despite the increases, Detroit's home prices remain at their 1995 levels, according to the report. Minneapolis saw the biggest year-over-year drop (-8.5 percent), followed by Phoenix (-7.7 perce...