Home prices rose for the fifth month in a row in October, but the recovery continues to be uneven with only 11 of the 20 metros tracked showing gains.
The Standard & Poor's/Case-Shiller home price index released Tuesday edged up 0.4 percent to a seasonally adjusted reading of 145.36 in October. The index was off 7.3 percent from October last year.
>>> Click here to read the report.
>>> Click here to search homes for sale on Long Island.
>>> Click here to research Long Island communities.
The index showed the New York metro area was 175.01, unchanged from the previous month, and down 7.7 percent from a year ago.
Eleven of the 20 cities posted month-over-month gains with San Francisco and Detroit posting the largest increases. Dallas recorded a flat reading for the month, while Tampa and Chicago had the largest declines.
“Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip,” David Blitzer, chairman of the index committee at Standard & Poors, said in a statement. That happened in the early 1980s, he said, and the current housing recovery appears more solid.