Home prices rose slightly in September, the fourth-straight monthly increase and a clear sign the housing market recovery is continuing. The Standard & Poor’s/Case-Shiller home price index of 20 major cities released today rose 0.3% to a seasonally adjusted reading of 144.96 in September. Prices rose month-over-month in 11 metro areas, a weaker showing than in recent months. Compared with a year earlier, prices were down 9.4%, the smallest year over year decline since January 2008. “We have seen broad improvement in home prices for most of the past six months,” says David M. Blitzer, chairman of the Standard & Poor’s index committee. “However, the gains in the most recent month are more modest than during the seasonally strong summer months.” Prices, as measured by the seasonally adjusted 20-city index, are up more than 3% from the bottom in May. But they are still down 30% from the peak in April 2006.
Home prices rise for fourth month in a row
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