Home Prices Rise for 1st Time In 8 Months
Home Prices Rise for 1st Time In 8 Months
US home prices rose slightly for the first time in eight months in April, leading some analysts to suggest that the long-battered housing market may have reached a bottom, according to data released Tuesday. The Standard & Poor's / Case-Shiller composite home price index, which tracks prices in the nation's 20 largest metropolitan areas, was down 0.1 percent on a seasonally adjusted basis from the prior month, better than the 0.2 percent expected by analysts in a recent Reuters survey.
The index rose, however, on a non-seasonally adjusted basis, for the first time in eight months, climbing 0.7 percent. The seasonally adjusted numbers, an S&P spokesman said, indicate that the beginning of the spring-summer home buying season played a large part in the non-adjusted figures.
The massive oversupply of listed homes, continued foreclosures, tight credit and weak demand have conspired to keep the housing market down even as other areas of the economy have started to recover. Prices in the 20-city index were still down 4 percent on a year-to-year basis, though last year at this time the market was getting a much-needed boost from federal tax credits for home buyers. Analysts had expected the index to drop 3.9 percent from last April.
US home prices rose slightly for the first time in eight months in April, leading some analysts to suggest that the long-battered housing market may have reached a bottom, according to data released Tuesday. The Standard & Poor's / Case-Shiller composite home price index, which tracks prices in the nation's 20 largest metropolitan areas, was down 0.1 percent on a seasonally adjusted basis from the prior month, better than the 0.2 percent expected by analysts in a recent Reuters survey.
The index rose, however, on a non-seasonally adjusted basis, for the first time in eight months, climbing 0.7 percent. The seasonally adjusted numbers, an S&P spokesman said, indicate that the beginning of the spring-summer home buying season played a large part in the non-adjusted figures.
The massive oversupply of listed homes, continued foreclosures, tight credit and weak demand have conspired to keep the housing market down even as other areas of the economy have started to recover. Prices in the 20-city index were still down 4 percent on a year-to-year basis, though last year at this time the market was getting a much-needed boost from federal tax credits for home buyers. Analysts had expected the index to drop 3.9 percent from last April.
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