Home prices rise, but it's only seasonal

Home prices reversed their decline in April with a slight increase, according to the S&P/Case-Shiller index. But home prices overall remain weak.

The S&P/Case-Shiller index showed an increase in home prices in April, not adjusted for seasonal factors. But prices are down from a year ago.

Today’s release of the S&P/Case-Shiller (CSI) home price indices for April reported that the non-seasonally adjusted Composite-10 price index increased 0.75% since March while the Composite-20 index increased 0.66% over the same period with both measures continuing to decline notably since last year.

The latest CSI data clearly indicates that the price trends are experiencing a bit of a lift into the typically more active spring season and, as I recently pointed out, the more timely and less distorted Radar Logic RPX data is continuing to capture rising prices driven primarily by seasonality.

It's important to note though that both composite indices are continuing to show notable year-over-year declines, a weak sign indeed.
The 10-city composite index declined 3.08% as compared to April 2010 while the 20-city composite declined 3.96% over the same period.

Topping the list of regional peak decliners was Las Vegas at -58.91%, Phoenix at -55.87%, Miami at -51.23%, Detroit at -50.62% and Tampa at -46.88%.

Additionally, both of the broad composite indices show significant peak declines slumping -32.60% for the 10-city national index and -32.77% for the 20-city national index on a peak comparison basis.

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