Case-Shiller index of 20 cities flattens in March

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A closely watched index of home prices in 20 major cities flattened in March, with 10 cities posting declines, data released Tuesday showed.

The city of Los Angeles fell 0.3% in March over February. But San Diego gained 1.5% and San Francisco was up 0.9%, according to the Standard & Poor’s/Case-Shiller index.

Eight cities posted gains while two cities, Miami and Tampa, Fla., registered no change. The flat 20-city reading came after the index posted a drop in February, its first decline since home prices began their most recent rise in June.

“The housing market may be in better shape than this time last year, but, when you look at recent trends there are signs of some renewed weakening in home prices,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “In the past several months we have seen some relatively weak reports across many of the markets we cover.”

A separate Case-Shiller index that is released quarterly and covers the U.S. showed home prices fell a seasonally adjusted 1.3% in the first quarter of the year compared to the fourth quarter of 2009.

-- Alejandro Lazo