Nationwide home prices hit a decline for the first time in seven months; some cities show increase. For the month of November, the S&P/Case-Shiller 20-city home price index showed a decline of 0.2% from October. Home prices were down 5.3% when compared to twelve months ago.
The cities of Charlotte, Las Vegas, Seattle and Tampa hit their lowest levels in the last four years. While Miami and Dallas had no change, Phoenix rose 1.1%, and Chicago had the largest decline at 1.1%. Home prices rose in Los Angeles, Phoenix, San Diego and San Francisco for the last six months.
In Salt Lake City, home prices did not drop but actually saw the biggest increase since August of 2009 with the average price just under $250,000 according to the Salt Lake City Real Estate Blog. Salt Lake County sales rose 15.86% year on year.
According to the nationwide report, home prices are expected to show continued weakness through the winter months and then pick up again in the spring when the homebuyer tax credit is expected to expire in April.
Many real estate experts do not think the real estate market has hit rock bottom, and think that prices will drop by 5% or more by the end of the year, according to a CNN Money report.
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Sources: CNN Money and Real Estate Blog
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