Home Prices Rise in 18 of 20 Metropolitan Areas

home prices

According to the Standard & Poors Case-Shiller  home price index,  home prices rose 0.8% in April compared to March in 18 of the 20 metropolitan areas surveyed. This is the first monthly home price increase after six consecutive months of declines.

According to the index, home prices have moved up 3.8% in the last year.

Here is a breakdown of the home price index by city. These numbers reflect the price changes between March and April:

Atlanta, 1.8%
Boston, 1.4%
Charlotte, 1.1%
Chicago, 0.6%
Cleveland, 1.4%
Dallas, 2.0%
Denver, 1.7%
Detroit, 0.2%
Las Vegas, 0.2%
Los Angeles, 0.7%
Miami, -0.8%
Minneapolis, 1.8%
New York, -0.3%
Phoenix, 0.5%
Portland, 1.8%
San Diego, 0.7%
San Francisco, 2.2%
Seattle, 1.0%
Tampa, 0.5%
Washington, 2.4%

My own take on this is that the vast majority of the increases were due to the $8,000 federal tax credit. Look for the May sales data that will be out in June. I believe the May sales data will show both a drop in values and sales activity.

Gold prospector

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