Industry NewsMarkets & Economy

Home prices show expected weakness in November

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Home prices declined from October to November in half of the markets tracked by the S&P/Case-Shiller 20-City Composite index, but prices in every market but New York were up on an annual basis.All in all, the 20-City Composite was down 0.1 percent from October to November on a non-seasonally adjusted basis, but up 5.5 percent from a year ago."Winter is usually a weak period for housing which explains why we now see about half the cities with falling month-to-month prices compared to 20 out of 20 seeing rising prices last summer," David Blitzer, chairman of the index committee S&P Dow Jones Indices, said in a statement. "The better annual price changes also point to seasonal weakness rather than a reversal in the housing market." Blitzer said "housing is clearly recovering," citing strong sales of new and existing homes in November.In the 12 months through November, home prices rose in 19 of the 20 markets in the 20-City Composite, with New Yor...