Home prices fell in January for a fifth straight month in most major U.S. cities, as modest sales increases have yet to boost prices. The Standard & Poor’s/Case-Shiller home price index released Tuesday showed that prices dropped in January from December in 16 of 19 cities tracked. The steepest declines were in San Francisco, Atlanta and Portland, Ore. Prices increased in Miami, Phoenix and Washington, D.C.
Prices in Dallas-Fort Worth rose 0.2 percent in January but were off 0.6 percent from a year ago. The overall declines partly reflect typical offseason sales. The month-over-month data are not adjusted for seasonal factors.
Still, prices fell in 17 of the 20 cities in January compared with the same month in 2011. The group’s nationwide index of prices has fallen 34 percent since the housing bust and is now at 2002 levels.
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