U.S. home prices fell in August from a month earlier, ending their climb since April, according to the S&P/Case-Shiller home-price indexes. The index of 10 major metropolitan areas fell 0.1% in August compared with July, while the 20-city index declined 0.2%. Adjusted for seasonal factors, the 10-area index fell 0.2%, while the 20-area declined 0.3%.
--The Wall Street Journal (10/26/2010)
What's the predictable headline on a .1% drop in home prices in August, released at 8 a.m CST this morning?
"Home Prices Drop."
Call it the flip side of what I heard an Edina office manager announce at a recent meeting, based on an increase in showings the previous week from 900 to 901: 'Showings are Up!'
So what do I make of the latest Case-Shiller numbers?
Not much.
Activity in the Twin Cities continues to be what most agents would characterize as "sluggish."
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