Home prices dipped 1.2% in September, and partial data for October suggest prices dropped about 1.1% that month, consistent with seasonal declines, according to Lender Processing Services (LPS: 19.15 -0.10%).
To date, the LPS home price index has reflected a 3.7% annual drop in prices. The index summarizes home price trends nationwide by tracking monthly sales in more than 13,500 ZIP codes.
The average home sold for $202,000 in September, down 1.2% over the previous month and down 1.8% since the beginning of the year.
Home prices have been on a downward trend since the market peaked in June 2006 when the total value of U.S. housing inventory covered by the LPS home price index stood at $10.6 trillion. The value has declined 30.2% since that peak to $7.56 trillion.
Link HerePrice changes were consistent across the country, declining in all ZIP codes. Higher-priced homes had somewhat smaller declines — down 1.2% for the top 20% of homes (prices above $317,000), compared to a decline of 1.4% for the bottom 20% (below $102,000).