Case-Shiller home price index shows continued improvement

For the fifth straight month, the Case-Shiller home price index showed further increase in home prices in their 20 city index.  The increase was not at the same rate as was seen in September, however.

“We have seen broad improvement in home prices for most of the past six months,” David M. Blitzer, chairman of the Index Committee at S&P, said in a statement.

“However, the gains in the most recent month are more modest than during the seasonally strong summer months.”

The Case-Shiller index is not seasonally adjusted therefore can show a slow down in activity after the normally busy Summer months.

The S&P composite index of home prices in 20 metropolitan areas rose 0.3% in September from August after a 1.2 % rise the prior month.

The 20-city index had an annual decline of 9.4%. The national index for the third quarter increased 3.1% from the second quarter, the same as in the second quarter, resulting in an 8.9% annual drop.

That was a significant improvement from the 14.7% annual downturn reported in the prior quarter and 19% slump in the first quarter.