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R>Anticipated seasonal weakness hit the US residential property market in October as a number of cities saw prices fall, according to the latest index from S&P/Case-Shiller, but the housing recovery is well underway.
Some 12 of the 20 cities and both Composites posted monthly declines in home prices in October, both down 0.1%. But on an annual basis the 10 and 20 City Composites recorded positive returns of 3.4% and 4.3%, larger than the 2.1% and 3% annual rates posted for September 2012.
In 19 of the 20 cities, annual returns in October were higher than September. Chicago and New York were the only two cities with negative annual returns in October.
Phoenix home prices rose for the 13th month in a row. San Diego was second best with nine consecutive monthly gains.
This article is copyrighted by Property Wire - Premier global property news service
