by qrono
30. June 2010 08:55
Home prices rose 0.8% in April compared with March and were up 3.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets. However, prices, are still off 30% from their peak. That good news is tempered by a couple of factors. First, the one-year comparison was against a low-ebb mark. In April 2009, prices were just above a five-year low. Secondly, the improvement came during a time when the federal government was heavily subsidizing home sales through an $8,000 homebuyer's tax credit. That credit is about to expire.
"Other housing data confirm the large impact, and likely near-future pullback, of the federal program," said David Blitzer, a spokesman for Standard and Poor's. Only two cities saw values fall during the month. Miami prices fell 0.8% for the month, which pushed the city into negative territory for the year at -0.5%. New York dropped 0.3% month-over-month and is off 1% year-over-year, while the strongest rebound has been in California. San Francisco prices jumped 2.2% month-over-month and are up 18% year-over-year, more than any other city in the 20-city index. San Diego prices rose 0.7% compared with March and 11.7% since April 2009. Los Angeles prices rose 7.8% over the past 12 months, and 0.7% in April.
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