From the AP via the Star Ledger:
Prices of single- family homes across the nation rose in October at the slowest rate in almost a decade, a housing index released yesterday by Standard & Poor’s showed, giving more evidence of the housing market’s deceleration, which has affected many parts of the broader economy.
The S&P/Case-Shiller composite index showed a 2.4 percent year-over-year increase in the price of a single-family home based on prices of existing homes tracked over time in 10 metropolitan markets. For its 20-city composite index, prices grew 2.9 percent, the slowest rate ever for that data, according to the S&P index committee chairman, David Blitzer.
“Home price gains are continuing their steep deceleration,” said Chief Economist Robert Shiller of MacroMarkets. “We can clearly see that the monthly price declines are widespread nationally.”
The growth rate of the 10-city composite index is sharply below the 3.7 percent rise posted in September and the slowest since a 2 percent growth rate in February 1997, according to S&P.
In addition to the overall composite index, the housing indicator also measures the health of exist ing home sales in 20 major markets in the United States. The S&P added 10 additional markets this month.
Among the worst performing markets were Detroit, Boston, Cleveland, San Diego and San Francisco. Seattle and Portland, Ore., meanwhile, posted strong annual returns.