U.S. home prices rise in April, first time in 8 months

09:04, June 29, 2011      

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U.S. home price rose in April, marking the first time in 8 months, according to S&P/Case-Shiller Home Price Indices released on Tuesday.

The 10- and 20- City Composites were up 0.8 percent and 0.7 percent, respectively, in April from March. However, the April index was still lower than a year ago. The 10-Ctiy Composite fell 3.1 percent and the 20-City Composite slid 4 percent from a year ago.

"In a welcome shift from recent months, this month is better than last - April's numbers beat March," says David M. Blitzer, chairman of the Index Committee at S&P Indices in a statement.

He pointed out that it is still too early to tell this is a turning point for the housing markets because the April gain was mainly lifted by spring buying.

"The seasonally adjusted numbers show that much of the improvement reflects the beginning of Spring-Summer home buying season," he said.

The housing sector remains the weakest part of the U.S. economy since the latest economic crisis. The U.S. home prices had dipped to new low in the first quarter of 2011 since last recession. Sales of previously occupied homes sank in May to a seasonally adjusted annual rate of 4.81 million.

Source: Xinhua
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