Home Prices Decline in August

New York, NY, Oct. 26, 2010 -- Prices of U.S. single-family homes fell in August, according to the Standard & Poor's/Case-Shiller home price report.

The S&P/Case Shiller composite index declined 0.3 percent in August from July on a seasonally adjusted basis. Economists forecast a drop of 0.2 percent. The dip followed a seasonally adjusted decline of 0.2 percent in July.

S&P, which publishes the indexes, also said home prices in the 20 cities index rose 1.7 percent from August 2009, a slower annual pace than the 3.2 percent increase in July.

"A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a press release.