U.S. home prices were mostly flat from a year earlier in January, according to the S&P Case-Shiller home-price indexes, but month-to-month declines continued for the fourth straight month.
S&P's David Blitzer called the report "mixed," noting, "The rebound in housing prices seen last fall is fading."
Prices in 10 major metropolitan areas were flat in January from a year earlier, while the index for 20 major metropolitan areas dropped 0.7% year over year. The readings last grew on a year-to-year basis in January 2007.
Compared with December, the 10-area index fell 0.2% and the 20-area index declined 0.4%. Adjusted for seasonal factors, the 10-city index rose 0.4% on month in January, while the 20-city composite climbed 0.3%.
The recovery in the U.S. housing market has been fragile. Last week, the National Association of Realtors said sales of existing homes fell a better-than-expected 0.6% in February from a month earlier, as a glut of homes for sale and a wave of foreclosures and fire sales are holding down housing prices.
Some stabilization has been seen as home prices and mortgage rates remain low and a host of consumers have taken advantage of an $8,000 first-time homebuyer tax credit.
Compared with a year earlier, Las Vegas continued to be hit the hardest, 17% lower than a year earlier. Month-to-month gainers, sans seasonal adjustment, were headlined by Los Angeles and San Diego showing slight improvements, while all the other markets showed a decline. Four markets -- Charlotte, Las Vegas, Seattle and Tampa -- reported new price lows for the current cycle.
