Industry NewsMarkets & Economy

Home prices slowed descent in August

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The annual rate of price declines slowed from July to August in 19 of 20 metro areas tracked by the S&P/Case-Shiller Home Price Indices, marking seven months of improved readings, Standard & Poor's said today in releasing the latest numbers.The 20-city composite was down 11.3 percent in August compared to a year ago, with price drops in individual metro areas ranging from a high of 29.9 percent in Las Vegas to a low of 1.2 percent in Dallas.In July, the 20-city composite was down 13.3 percent from a year ago, with annual price declines ranging from 31.4 percent in Las Vegas to 1.3 percent in Cleveland.Cleveland was one of only three markets to register month-over-month price declines from July to August, and the only metro area in which the annual rate of price declines did not improve from July to August.The S&P/Case-Shiller indices showed home prices in Cleveland down 2.8 percent from a year ago, and falling 0.5 percent from July to August. The other markets registering m...