House Prices Up Slightly in September

New York, NY, Nov. 24, 2009–House prices in 20 major U.S. cities rose for a fourth straight month in September, according to the S&P/Case-Shiller home-price index.

The index increased 0.27 percent from August on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York.

However, prices were down 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.

Rising home sales, aided by government programs and a decline in mortgage rates this year, have helped stem the slump in property values that precipitated the worst recession since the 1930s.

Economists forecast the 20-city home-price index would decline 9.1 percent from September 2008, after a previously reported 11.32 percent drop in the 12 months ended in August, according to the median forecast of 30 economists.