US home prices snap losses, rise in April

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IANS | 27 Jun, 2012
US home prices rose in April, snapping seven consecutive monthly losses, an industry report said Tuesday.

The S&P/Case-Shiller Home price index, the leading measure of US home prices, showed that on an average home prices increased by 1.3 percent in April, Xinhua reported.

"With April 2012 data, we finally saw some rising home prices," said David M. Blitzer, chairman of the Index Committee at S&P Indices.

Comparing with the same period last year, prices were down 1.9 percent, but still beating expectations of a 2.5 percent decline, and an improvement from the 2.6 percent annual decline seen in March.

"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," said Blitzer.