Home Prices Rise in Nearly All Major U.S. Cities

Home Sale PricesBy CHRISTOPHER S. RUGABER

WASHINGTON -- Home prices rose in nearly all major U.S. cities in April from March, further evidence that the housing market is slowly improving even while the job market slumps.

The Standard & Poor's/Case-Shiller home price index shows increases in 19 of the 20 cities tracked. That's the second straight month that prices have risen in a majority of U.S. cities.

And a measure of national prices rose 1.3% in April from March, the first increase in seven months.

San Francisco, Washington and Phoenix posted the biggest increases. Prices fell 3.6% in Detroit, the only city to record a drop.

The month-to-month prices aren't adjusted for seasonal factors. Still, prices in half of the cities are up over the past 12 months.

Prices are increasing as other parts of the housing market are strengthening. Sales of new and previously occupied homes are up over the past year, in part because mortgage rates have plunged to the lowest levels on record. Builders are more confident and are starting to build more homes.

The S&P/Case-Shiller monthly index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The April figures are the latest available.

Its measure of home prices for all 20 cities fell 1.9% over the 12 months ending in April. That suggests weaker markets continue to weigh on national prices.

But other measures show home prices have risen nationally over the past year. CoreLogic, a private firm, calculates that prices rose 1.1% nationally in the 12 months ending in May. Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, says prices have increased 3% in the 12 months ending in April.

Recent data indicate that the housing market has started to recover, more than five years after the bubble burst.

Greater interest from buyers is boosting builders' confidence. In May, builders requested the highest number of permits to build homes and apartments in three and a half years.

The supply of homes for sale remains extremely low, which has helped stabilized prices. The inventory of previously occupied homes is back down to levels last seen in 2006. And there were 145,000 new homes for sale in May. That's only slightly higher than in April, which was the lowest supply on records dating back to 1963.

Despite the modest gains in housing, the broader economy has weakened in recent months. Employers have added an average of only 73,000 jobs a month in April and May. That's much lower than the average of 226,000 added in the first three months of this year. Some economists worry that the sluggish job market could weigh on home sales just as the housing market is showing signs of recovery.


Increase your money and finance knowledge from home

Intro to different retirement accounts

What does it mean to have a 401(k)? IRA?

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

Add a Comment

*0 / 3000 Character Maximum

70 Comments

Filter by:
n5monthsocrapleft

MUSLIM CLOWN N DUMMYCRAPS ==OBSTRUCTIONISTS FOR THE LAST 3 1/2 YEARS . !

June 27 2012 at 9:46 PM Report abuse rate up rate down Reply
wlsines

I live in Madison, Wisconsin. The value of my home dropped 15%, yet my property taxes went up 10%. That's what happens when both the city and county governments are run by "greens" and "progressives." They either don't care or enjoy seeing this happen. In any case they are going to get away with increasing taxes and spending more as long as the college population (who generally don't pay property taxes) continue to vote for them. I've heard some of them make comments that make me think they really do want to drive people out of their homes and into little high rise condos. They claim to be on the sides of the "middle class" and the "working class" but most of what they do is in the name of their religious diety - mother earth.

June 27 2012 at 10:17 AM Report abuse +2 rate up rate down Reply
Frank

I find it hard to believe they are stating the supply of homes for sale is extremely low????

June 27 2012 at 9:45 AM Report abuse +2 rate up rate down Reply
Mingo

Soon Obama will have the federal government owning all the homes .Then he can give them out to his munuions to live in Raise or lower the price does not matter .there are no buyers since no one is working .Well thats not so ,OB has hired thounds on jobs just to watch you ,Where you drive ,what you do on the computer ,and even what you say to your doctor Gave all a big raise and gave out bonus checks bigger than most in the public make in a year Peopl better watch out he has no intention to lead america but to rule it

June 27 2012 at 9:27 AM Report abuse +1 rate up rate down Reply
rjmjlm711

In N.Y the legislature is attempting to curb A foreclosure crisis.

June 27 2012 at 8:38 AM Report abuse +1 rate up rate down Reply
1 reply to rjmjlm711's comment
maa2626

well, isnt that special! I am sure they are up to the difficult task. not.

June 27 2012 at 9:54 AM Report abuse +1 rate up rate down Reply
old timer

When interest rates start to rise we will see more buyers in the housung market >> Savers are not getting any interest on CD's MM. or savings acccounts , this is whats stalling the ecinomy.

June 27 2012 at 7:50 AM Report abuse -3 rate up rate down Reply
2 replies to old timer's comment
cpo1514

oldtimer...
actually the Occupants lack of economic policy and Socialist bearing are killing this economy. Once we have a real leader (Romney) that actually has performed in the business community, there will be a confidence that the Socialist policies (Community Organizer) are past and the economy will recover.

OMG !!!! Obama Must Go... or surly your savings will go to the folks that never tried.

June 27 2012 at 9:22 AM Report abuse +3 rate up rate down Reply
2 replies to cpo1514's comment
whackjobtwo

WHEN MITT ROMNEY WAS GOVERNOR HE WAS 47TH IN JOB CREATION. MITT ROMNEY DOSEN'T KNOW HOW TO HIRE PEOPLE HE ONLY KNOWS HOW TO FIRE PEOPLE. YOU WHACKJOBS HAVE A VERY WEAK CANDIDATE...........LOL!!!!!!!

June 27 2012 at 10:06 AM Report abuse -1 rate up rate down
n5monthsocrapleft

ROMNEY / 2012 ~~WINS IN A LANDSLIDE LIKE WALKER JUST DID~~"ROMNEY"~~"ROMNEY"~~"ROMNEY"~~"ROMNEY". !

June 27 2012 at 9:44 PM Report abuse +2 rate up rate down
vlady1000

I refied my rental mortages and looking to buy more rentals with today's low rates. If rates were much higher, I would not be buying more.

June 28 2012 at 1:12 AM Report abuse rate up rate down Reply
llphoto

This is great news and we can all hope that it continues! When people see thier bigest investment start to increase then I believe more money will flow into the economy!

June 27 2012 at 7:34 AM Report abuse -1 rate up rate down Reply
1 reply to llphoto's comment
SuperMan

And you're really believing this BS ??? "Suddenly" !! Funny 60 days ago -it was looking quite bleak for the foreseeable 3 years!

June 27 2012 at 10:00 AM Report abuse rate up rate down Reply
maa2626

new taxes will negate any rise in home values. after losing 40-50 percent of value a small rise in value is not worth the article that is produced.

June 27 2012 at 6:39 AM Report abuse rate up rate down Reply
1 reply to maa2626's comment
SuperMan

A "13%" increase over last year means approx an average 1.3% "increase" over the past 10 years AFTER taking a 50% LOSS. Now, You can do The REAL Figures. Media hype is Pathetic

June 27 2012 at 10:03 AM Report abuse +2 rate up rate down Reply
Randy

another lie.

June 27 2012 at 6:00 AM Report abuse +3 rate up rate down Reply
Taina

Let's hope it has bottomed, but be prepared for more trouble as the glut of foreclosures overload the market.

June 27 2012 at 2:09 AM Report abuse +3 rate up rate down Reply
1 reply to Taina's comment
cpo1514

tania

Wont end until the Occupant is out and distribution of wealth ends!

June 27 2012 at 9:23 AM Report abuse +2 rate up rate down Reply
2 replies to cpo1514's comment
whackjobtwo

C3PO:...........DISTRIBUTION OF WEALTH ENDS?..........I DON'T FEEL ANY RICHER.

GOT MORE LIES????????????

June 27 2012 at 10:02 AM Report abuse +1 rate up rate down
n5monthsocrapleft

HEY MUSLIM CLOWN ~~AMERICA WANTS TO CUT "WELFARE" NOT "MEDICARE" ~~WHAT ARE YOU STUPID OR SOMETHING ,N PUT BACK THE $500 BILLION YOU STOLE OUT OF MEDICARE OR WELL THROW YOUR ARSE IN JAIL. ! . !

June 27 2012 at 9:51 PM Report abuse rate up rate down