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Prices reach new lows in six markets

December 30, 2010 - Home prices fell across the board from September to October, and a few select areas hit new lows, meaning families packing their moving boxes and heading to those cities can find more affordable homes.

The Standard & Poor's/Case-Shiller home price index showed that 20 of the nation's largest metropolitan statistical areas all saw their prices drop by an average 1.3 percent. Atlanta led the way in terms of falling home values, with month-over-month prices dipping 2.9 percent and year-over-year prices falling 6.2 percent. The city was one of six to reach double-dip territory - Seattle, Tampa, Miami, Charlotte and Portland, Oregon were the others.

Some markets did experience yearly growth. Los Angeles, Washington, D.C., San Diego and San Francisco all saw their prices grow by at least 2.2 percent from October 2009 to October 2010. While low prices might encourage some to contact a moving company, analysts with the firm said housing activity remains bleak.

"On a year-over-year basis, sales are down more than 25 percent and the months' supply of unsold homes is about 50 percent above where it was during the same months of last year," said David Blitzer, the chairman of the S&P's index committee.

Still, recent home sales reports point to late-year growth for the real estate market. The Commerce Department reported that new home sales in November increased 5.5 percent from the previous month.
 

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