Winter hits housing recovery

By Chris Isidore  @CNNMoney March 25, 2014: 10:25 AM ETNEW YORK (CNNMoney)

Cold weather hurt home prices in January, as a closely watched measure of housing values posted its third straight monthly decline.

The S&P/Case-Shiller index of prices in 20 major markets dipped 0.1%.

“The housing recovery may have taken a breather due to the cold weather,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

Five cities bucked the trend and saw price gains of 0.4% or more, and all of them — Las Vegas, Miami, San Diego, San Francisco and Tampa — are in warm-weather states. Four of the five cities that posted the sharpest drop in prices were cities hit hard by the cold weather — Chicago, Detroit, Minneapolis and Boston. Seattle prices also saw a significant drop.

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