April’s data for the S&P/Case-Shiller Home Price Indices were largely positive for the housing market. The 10-City and 20-City Composites were both up 1.3% in April over March, after the prior seven consecutive months of falling home prices. No cities posted new lows in April 2012.
Only two cities – Detroit and New York – saw annual rates of change worsen in April. The other 18 cities and both composites saw an improvement in this statistic. Furthermore, there are now 10 cities where the annual rates of change are positive – Boston, Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis, Phoenix, Tampa and Washington DC.
On a monthly basis, 19 of the 20 cities and both Composites rose in April over March. Detroit was the only market where prices fell. The combination of monthly price increases and a broader improvement in annual rates of change is a good sign for the housing market.