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US Home Prices

July 5, 2012 |  Article By :   | 

US home prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market was firming according to Bloomberg News and S&P/Case-Shiller.

The S&P/Case-Shiller index of property values in 20 cities dropped 1.9% in April from the same month in 2011, the smallest decline since November 201-, after decreasing 2.6% in the year ended March, the group said Tuesday in New York.  The median forecast of 28 economists in a Bloomberg News survey projected a 2.5% drop.

A turnaround in prices is a necessary step toward luring more buyers and sustaining demand for housing, which is starting to stabilize after precipitating the last recession almost five years ago.  Record-low borrowing costs, due in part to Federal Reserve efforts to hold down long-term rates, may keep promoting home sales in the presence of an 8.2% unemployment rate.

The Case-Shiller index is based on a three-month average, which means the April data was influenced by transactions in March and February.

Home prices adjusted for seasonal variations climbed 0.7% in April, matching the prior month’s gain, which was revised up from a previously reported 0.1% increase.  It was the best back-to-back gain since mid-2009.  Unadjusted prices increased 1.3% in April as 19 of 20 cities showed gains.


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