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Fall in house prices slows slightly

1 min

According to the Standard & Poor/Case-Shiller index which measures home prices in 20 major US metropolitan areas, the fall in US house prices slowed slightly in February, to reach 18.6% on a year-on-year basis.

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AFP - Home prices in major US cities fell again in February but the pace of decline eased slightly, a survey showed Tuesday.

The Standard & Poor/Case-Shiller index showed an 18.6 percent year-over-year decline in home prices in 20 major metropolitan areas, or a 2.8 percent decline from January levels.

In the 10 top markets, prices fell 18.8 percent over the year and 2.6 percent for the month.

Despite the further drop, S&P said February was the first in 16 months the indexes did not see a new record drop.

The report was consistent with other data suggesting stabilization in the housing market after two horrific years.

But S&P analyst David Blitzer said, "We will certainly need a few more months of data before we can determine if home prices are finally turning around."

The report showed home prices in major cities have fallen back to levels of late 2003, resulting from a bubble that burst after years of sizzling growth.

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