U.S. house prices in November are down 18.0% compared to a year ago, according to the S&P Case-Shiller U.S. home price index, with the 20-city composite index falling to a reading of 158.16.
Economists had expected the index to post a year-over-year decline of 17.9% in November. September's reading of 161.56, which was the lowest level since May 2004, was revised down marginally to 161.65. The Case-Shiller index has fallen every month since peaking in July 2006.
The index is down 18.31% on a three-month annualized basis.
The U.S. Composite-20 Index fell 1.2.16% in the month, with San Diego leading the way with a 3.05% decline, followed by Miami, which recorded a 2.97% decline. On an annual basis, prices are down 31% in Las Vegas, 29% in Miami and 28% in Los Angeles.
The 10-City Composite, meanwhile, is down 19.06% on an annual basis following an 18.49% drop in September.
In related housing data, the Federal Housing Administration's measure of house prices showed a 1.1% month-over-month decline in October despite expectations for a 1.3% contraction.
By Stephen Huebl
©CEP News Ltd. 2008