Home prices declined in February
A key measure of home prices in the nation’s biggest cities fell in February, indicating that the housing market remained weak at the start of the year.
The Standard & Poor’s/Case-Shiller index of 20 American cities dropped 0.8% from January to February, and 3.5% from February 2011. Sixteen cities tracked by the index posted declines. Nine cities saw average home prices hit new lows.
“Broadly-speaking, home prices continued to decline in the early months of the year,†said David M. Blitzer, chairman of the index committee at S&P Indices.
Los Angeles fell 0.8% from the prior month, while San Francisco was down 0.7%. San Diego was slightly positive, up 0.2% from January.
The drop in the index continues a slide that began last year as sales weakened and the jobs picture remained bleak.
RELATED:
Bay Area housing market improves
Los Angeles rents set to rise sharply
California home values’ year-over-year climb is first since 2010
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
