US home prices dipped in Nov. on colder weather

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Associated Press

Posted on January 28, 2014 at 9:34 AM

Updated Tuesday, Jan 28 at 10:04 AM

WASHINGTON (AP) — U.S. home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains.

The Standard & Poor's/Case-Shiller 20-city home price index slipped 0.1 percent from October to November, partly reversing the previous monthly increase of 0.2 percent.

But home prices surged for much of 2013, driven by big gains earlier in the year. Prices have risen 13.7 percent over the past 12 months.

Dallas enjoyed its strongest annual gain since 2000. And Chicago home prices climbed at their strongest annual clip since December 1988.

The Case-Shiller index covers roughly half of U.S. homes. It isn't adjusted for seasonal variations. So the monthly decline partly reflects slower buying in the late fall as temperatures drop. The November figures are the latest available.

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