Home Prices Decline 3.6% in September as Existing Sales Weigh Down Market
Tweet
Share
E-mail
U.S. residential home prices fell more than expected in September, a black eye for new home construction, but a feather in the hat for existing home sales.
According to new data from S&P/Case-Shiller Tuesday, an index of residential property values in 20 urban regions fell 3.59 percent to 141.97 for the three months ending in September. Economists were forecasting a fall of just 3 percent for the month.
Adjusting for seasonal variations, prices fell 0.6 percent in September, the largest adjusted decline since March.
The report showed prices declined in 18 regions, with a 9.8 percent drop in Atlanta leading the pack.
Nationally, prices decreased 3.9 percent in the third quarter from the same time in 2010. Housing prices increased 0.1 percent from the previous three months before seasonal adjustment and dropped 1.2 percent after taking those changes into account.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 0.8 percent at last check.
According to new data from S&P/Case-Shiller Tuesday, an index of residential property values in 20 urban regions fell 3.59 percent to 141.97 for the three months ending in September. Economists were forecasting a fall of just 3 percent for the month.
Adjusting for seasonal variations, prices fell 0.6 percent in September, the largest adjusted decline since March.
The report showed prices declined in 18 regions, with a 9.8 percent drop in Atlanta leading the pack.
Nationally, prices decreased 3.9 percent in the third quarter from the same time in 2010. Housing prices increased 0.1 percent from the previous three months before seasonal adjustment and dropped 1.2 percent after taking those changes into account.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 0.8 percent at last check.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FOMC minutes from July 28-29th meeting
- U of M Sentiment (Aug P) 51 vs 55 Expected
- Canada’s inflation rises to 3% on higher gasoline prices
Create E-mail Alert Related Categories
Economic Data, Insiders' BlogRelated Entities
Existing-Home Sales, Standard & Poor's, S&P/Case-Shiller Home Price IndexSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
