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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%.
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S&P/Case-Shiller sees a double dip in home prices
The S&P/Case-Shiller Index, a leading indicator of U.S. housing prices, recorded declines in 19 of the 20 MSAs compared to March 2010. Twelve of the 20 MSAs and the 20-City Composite also posted new index lows in March.
