The Standard Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in March – the ninth consecutive monthly decline.

According to the closely watched report, house prices were 0.2% lower in March on a monthly basis – albeit in line with forecasts.

The index fell to 138.16, dipping below the 139.26 seen in April 2009 – when the economy was in the midst of recession.

However, the reading for first quarter of the year was 125.41 the lowest since prices began falling in the summer of 2006.

Commenting on the index, David Blitzer, SP’s index committee head, said: “This months report is marked by the confirmation of a double-dip in home prices across much of the nation.

Home prices continue on their downward spiral with no relief in sight, he added.

Of the 20 cities monitored by the closely-watched index, 12 experienced fresh index lows.

Today’s figures again highlight the fragility of the US housing market with many suggesting it is holding back the recovery of the world’s largest economy.

In other news today, US consumer confidence fell in May to a six-month low.

The reading from the closely-monitored Consumer Confidence Index from the Conference Board dived to 60.8 in May from April’s reading of 66.

The reading remains far away from the 90 points required to show that the world’s largest economy is on solid footing.

Since the index commenced in 1967, the average reading has been 95.6.

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