Home prices largely defying seasonal slump

Largely bucking a seasonal trend, home prices barely budged in November 2013, according to the S&P/Case-Shiller 20-City Composite Index.

Home prices increased 13.7 percent year over year, and slipped just 0.1 percent on a monthly basis in November, the index showed.

That marked the first monthly drop since November 2012. But November prices still held up better than they have in eight years, according to David M. Blitzer, chairman of the index at Committee at S&P Dow Jones Indices.

“November was a good month for home prices,” Blitzer said. “Despite the slight decline, the 10-city and 20-city  composites showed their best November performance since 2005.”

He added: “Prices typically weaken as we move closer to the winter. Las Vegas, Los Angeles and Phoenix stand out, as they have posted 20 or more consecutive monthly gains.”

Source: S&P/Case-Shiller Home Price Indices