The decline in prices of existing U.S. single-family homes accelerated in August and fell at their fastest pace since 1991, according to the Standard & Poor's/Case Shiller national home price index.
S&P said its composite month-over-month index of 10 major metropolitan areas declined 0.8 percent in August to 214.35, for a 5 percent year-over-year drop, S&P said in a statement on Tuesday.
"The fall in home prices is showing no real signs of a slowdown or turnaround," Robert Shiller, founder of the indexes and chief economist at MacroMarkets LLC, said in a statement.
The 10 city index fell 0.5 percent in July from June. The worst annual decline in the index was a 6.3 percent drop in April 1991.
The month-over-month index of 20 metropolitan areas fell 0.7 percent to 197.16 in August from July, bringing the measure down 4.4 percent from the year-ago period.