S&P/Case Shiller: Monthly results show turnaround
The S&P/Case Shiller Index, a bellwether for the new housing market, has reported that home prices, on average, increased 1.3% in April compared with March for both the 10-city and 20-city composites. This announcement follows seven consecutive months of falling home prices on the indices.
But on an annual basis, home prices fell. For the 10-city composite, the decrease was 2.2% when compared with April 2011. The 20-city composite dropped 1.9%.
Both composites and 18 of 20 MSAs saw increases in their annual returns in April compared with March, with the exception of New York and Detroit. For the seventh consecutive month, Atlanta posted the only double-digit negative annual returns in April at -17.0%.
Ten of the 20 MSAs saw positive year-over-year returns -- Boston, Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis, Phoenix, Tampa and Washington, D.C. No cities posted new lows in April 2012.
“It has been a long time since we enjoyed such broadbased gains,” said David 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.”