WASHINGTON — U.S. home prices are falling again in most major cities after posting small gains over the summer and spring, the latest evidence that the troubled housing market won’t recover any time soon.
The Standard & Poor’s/Case-Shiller index released Tuesday showed prices dropped in September from August in 17 of the 20 cities tracked. That was the first decline after five straight months in which at least half the cities in the survey showed monthly gains.
A separate index for the July-September quarter shows prices were mostly unchanged from the previous quarter.
Atlanta, San Francisco and Tampa, Fla. posted the biggest monthly price declines. Prices in Atlanta, Las Vegas and Phoenix fell to their lowest points since the housing crisis began four years ago. Blitzer called the new lows reached in those three cities a “bit disturbing.”
Prices rose in New York, Portland, Ore., and Washington.