Price Index Finds Prices Rising In Most Major Metro Areas

The S&P/Case-Shiller Home Price Indices are a leading measure of U.S. home prices. The latest release, which covers data through the end of April, found prices up 1.3 percent from March. It was the first price increase after seven consecutive months of falling prices. David Blitzer, chairman of the index committee at S&P Indices, said 19 of the 20 major metropolitan areas included in the survey saw price increases in April and 18 of the 20 saw better annual rates of return. According to Blitzer, it’s been a long time since there’s been such broad-based gains and the combination of rising monthly levels and improving year-over-year returns are a good sign for housing. Out of the 20 cities covered by the index, 10 experienced price increases over last year’s levels, including Boston, Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis, Phoenix, Tampa, and Washington D.C. More here and here.