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Archive for Wednesday, December 27, 2006

U.S. home prices slow to rise

December 27, 2006

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Prices of single-family homes across the nation rose in October at the slowest rate in almost a decade, a housing index released Tuesday by Standard & Poor's showed, giving more evidence of the housing market's deceleration, which has affected many parts of the broader economy.

The S&P/Case-Shiller composite index showed a 2.4 percent year-over-year increase in the price of a single-family home based on 10 metropolitan markets.

In the project's 20-city composite index, prices grew 2.9 percent, the slowest rate ever for that data, said David Blitzer, S&P index committee chairman.

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