Prices on homes improve according to recent report

Home prices have seen an increase.
Home prices have seen an increase.
Recent data may prove to be a welcome sign for those who use construction equipment, as home prices have seen an increase.

According to a Standard & Poor's S&P/Case-Shiller index, home prices in 20 U.S. cities increased by a seasonally adjusted 0.4 percent from September to October, though prices are still down 7.3 percent when compared to the same time last year.

"The turn-around in home prices seen in the spring and summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis," David Blitzer, chairman of the index committee at the firm, said.

The report shows that San Francisco, Los Angeles and San Diego continue to make gains in the index. However, Las Vegas has not been nearly as fortunate, having posted 38 straight months of declining home prices.

As home prices improved a bit, a recent report from the government shows that home sales dropped in November. Sales for new, single-family homes declined at an annual rate of 11.3 percent from October to November.