U.S. Home Prices Declined 1.6% from a Year Earlier

U.S. single-family home prices fell for a fifth straight month in November and could plumb to new lows soon, a closely watched survey showed on Tuesday. The S&P’s/Case-Shiller composite index of 20 metropolitan areas declined 0.5% in November from October on a seasonally adjusted basis, though it was not as sharp as the 0.8% fall consensus. Prices have fallen 1.6% in the past year, sharper than the 1.4% predicted by economists polled by Reuters.

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