Home prices in 20 major U.S. cities fell 0.2% in November compared with October on a not seasonally adjusted basis, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.
Prices are down 5.3% in the past year, compared with a 7.3% decline in October, S&P said. A year ago, prices had tumbled 18.2%.
The index shows prices in the 20 cities are down 32.6% from the peak. Prices are the same as they were in late 2003.
Prices fell a revised 0.1% in October.
Falling home prices have eroded Americans' wealth. In response, households have increased their savings and cut back spending.
Five of 20 cities saw higher prices in November compared with October: Phoenix, Los Angeles, San Francisco, San Diego and Portland, Ore.
Prices were lower in November than they were a year earlier in 16 of the 20 cities. Small year-over-year price increases were found in Dallas, San Francisco, Denver and San Diego. The largest year-over-year decline was seen in Las Vegas, where prices are down 24.5% in the past year.
Prices rose 0.2% on a seasonally adjusted basis in November.
The Case-Shiller index tracks repeat sales of homes in 20 cities.
By Rex Nutting