Report: Home prices fall across most metros

Those moving into new homes last month likely encountered lower prices, according to a new report.

Altos Research reported that national home prices were down 1.6 percent in October, with 25 of the 26 markets in the report experiencing declining home values. San Diego led the way, with prices there dropping 3.28 percent. Salt Lake City was not far behind, posting declines of 3.27 percent, while those moving to Phoenix found prices that were 3.11 percent lower compared to the previous month.

At the same time, relocating families helped to reduce the nation's inventory by 4.64 percent, said the report. The Washington, D.C. area posted the largest decrease, with the local inventory declining 16.3 percent, while a surge of families moving into homes in Austin, Texas, reduced that city's housing inventory by 10.31 percent.

Home price depreciation has added to the level of affordability for homebuyers around the country, though it has made it harder for many to sell their home. A report from Zillow.com says that prices have fallen 25 percent since their peak, a rate of decline comparable to those experienced during the Great Depression, when prices dropped 25.9 percent in five years.
 

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