For the first time in eight months home prices have risen, according to figures through April from the S&P/Case Shiller Home Price Indices. Compared with figures from March, both the 10- and 20-city composite indices rose 0.8 percent and 0.7 percent, respectively, in April, largely due to the annual spring buying flurry.
Even with 13 of the 20 cities studied showing improvement, prices are still down 3.1 percent and 4.0 percent, respectively, from April 2010 levels.
"In a welcome shift from recent months, this month is better than last-April's numbers beat March," said David M. Blitzer, chairman of the Index Committee at S&P Indices. "However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring/summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather."
According to the Associated Press, since the housing bubble burst in 2006, prices have fallen more than they did during the Great Depression.
