Home Prices: 20 U.S. Cities Eke Out 1.3% Increase

Average home prices increased 1.3 percent in April compared to the previous month across 20 major U.S. cities, but followed seven consecutive months of falling prices, according to the closely monitored S&P/Case-Shiller index.
April’s figure represents a 1.9 percent decrease compared to a year ago.
However, this is an improvement over the annual rate of -2.6 percent registered for March 2012.
“It has been a long time since we enjoyed such broad-based gains,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices. “While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign.”
Eighteen of the 20 cities in the index saw increases in annual returns in April, compared to March.
Only Detroit and New York fared worse in April, posting annual returns of +1.2 percent and -3.8 percent, respectively, falling below their March returns of +3.9 percent and -3.0 percent.
For the seventh consecutive month, Atlanta posted the only double-digit negative annual return at -17.0 percent, its 22nd consecutive month of negative annual returns.
Ten of the 20 cities saw positive annual returns – Boston, Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis, Phoenix, Tampa and Washington D.C.
No cities posted new lows in April 2012.

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