Home Prices Drop 1.3 Percent In November

US home prices slumped 1.3 percent in November from the previous month, falling back to levels seen in mid-2003, according to the S&P/Case-Shiller 20-city composite index released Tuesday.

Prices fell 3.7 percent on an annual basis, with 13 of 20 areas seeing annual returns decrease.

Analysts surveyed by Dow Jones Newswires were looking for a smaller 3.2 percent drop over last year.

"The only positive for the month was Phoenix, one of the hardest hit in recent years," according to David M. Blitzer, chairman of the index committee at S&P Indices. "Annual rates were little better, as 18 cities and both composites were negative."

Atlanta home prices were down 11.8 percent year-on-year, and Detroit and Washington, D.C., were the only cities with positive annual returns, according to MarketWatch.