Home prices in the nation’s 20 biggest cities dipped 0.1 percent in October from the prior month but rose strongly from the same month last year, indicating the start of the seasonal slowdown in home prices.
It was the first month-over-month dip after six months of gains for the Standard & Poor’s/Case-Shiller index of 20 large cities. The index was up 4.3 percent compared with October 2011.
Five cities in the 20-city index turned negative, posting month-over-month declines in October after being in positive territory the month before. Those five cities were Atlanta, Dallas, Miami, Minneapolis and Seattle. Chicago posted the weakest numbers, dropping 1.5 percent. Las Vegas posted the strongest gain, with prices up 2.8 percent.