Dennis Norman
This morning, the S&P/Case-Shiller Index report for April was released showing US home prices showed a monthly increase for the first time in eight months bringing average home prices in the U.S. back to their summer 2003 levels. The report shows their 20-city composite home price index increased by 0.7 percent from the month before and declined by 4.0 percent from a year ago. and the 10-city composite home price index increased by 0.8 percent from the month before and was down 3.1 percent from the year before.
Report highlights:
- Six of the 20 MSA’s showed new index lows in April; Charlotte, Chicago, Detroit, Las Vegas, Miamia and Tampa
- As of April 2011, average home prices across the United States are back to their summer of 2003 levels.
- Measured from their peaks in June/July 2006, the peak-to-current declines for the 10-City Composite and 20-City Composite are -32.6 percent and -32.8 percent respectively.
- From their April 2009 troughs, the 10-City Composite has risen 1.4 percent and the 20-City Composite 0.7 percent.
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