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Today's release of the S&P/Case-Shiller (NYSE:CSI) home price indices for November reported that the non-seasonally adjusted Composite-10 price index declined a slight 0.17% since October, while the Composite-20 index declined 0.09% over the same period. The latest CSI data clearly demonstrates that the typical seasonal pattern is continuing to play with price weakness coming as a result of lower transactions. If this trend continues, prices should continue to decline into the February-March release in advance of the typical uplift from the more active spring transactions.

It's important to recognize, however, that on a year-over-year basis, nominal prices remain in positive territory possibly indicating that this seasons seasonal weakness may minor compared to recent years. The 10-city composite index increased 4.54% as compared to November 2011, while the 20-city composite increased 5.52% over the same period.

Both of the broad composite indices show significant peak declines slumping -30.05% for the 10-city national index and -29.39% for the 20-city national index on a peak comparison basis.

Source: S&P/Case-Shiller - November 2012