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Case-Shiller: Home prices down slightly in November

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(Read caption) The latest S&P/Case-Shiller home prices data demonstrates that the typical seasonal pattern is continuing to play with price weakness coming as a result of lower transactions.

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Today's release of the S&P/Case-Shiller (CSI) home price indices for November reported that the non-seasonally adjusted Composite-10 price index declined a slight 0.17% since October while the Composite-20 index declined 0.09% over the same period. 

The latest CSI data clearly demonstrates that the typical seasonal pattern is continuing to play with price weakness coming as a result of lower transactions.  If this trend continues, prices should continue to decline into the February-March release in advance of the typical uplift from the more active spring transactions.

It's important to recognize though that on a year-over-year basis, nominal prices remain in positive territory possibly indicating that this seasons seasonal weakness may minor compared to recent years. 

The 10-city composite index increased 4.54% as compared to November 2011 while the 20-city composite increased 5.52% over the same period. 

Both of the broad composite indices show significant peak declines slumping -30.05% for the 10-city national index and -29.39% for the 20-city national index on a peak comparison basis. 

To better visualize today’s results use Blytic.com to view the full release.

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