Industry NewsMarkets & Economy

Home prices show expected seasonal sag

Annual gains in Case-Shiller index evidence recovery is 'gathering strength'

Home prices fell from September to October in 12 of 20 cities tracked by the S&P/Case-Shiller 20-City Composite index, but the index still posted a 4.3 percent gain for the year with every market but New York showing an annual gain."Annual rates of change in home prices are a better indicator of the performance of the housing market than the month-over-month changes because home prices tend to be lower in fall and winter than in spring and summer," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, in a statement.If seasonal factors are taken into account, only three markets saw month-over-month declines: Boston, Chicago and New York.The non-seasonally adjusted numbers released by the S&P Dow Jones Indices showed monthly price drops in the same seven markets that saw declines from August to September -- Boston, Charlotte, Chicago, Cleveland, New York, Tampa and Washington D.C. -- plus five additional markets: Atlanta, Dallas, Miami, ...