Home prices increased in March from February in most major U.S. cities for the first time in seven months.
According to the Standard & Poor’s/Case-Shiller home price index, the prices rose in 12 of the 20 cities.
Prices in the 20 cities surveyed fell 2.6 percent in March from a year ago. Seven of the 20 cities saw price increases from a year ago, including hard-hit Detroit and Phoenix according to the Standard & Poor’s/Case-Shiller home price index.
“There are now seven cities — Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix — where the annual rates of change are positive,” said David Blitzer, chairman of the Index Committee at S&P Indices.
“This what we need for a sustained recovery; monthly increases coupled with improving annual rates of change.”
U.S. Housing also rose 2.6 percent to an annual rate of 717,000 in April, compared to a seasonally adjusted annual rate of 699.000 in March. Construction increased for both single-family homes and apartments.
Rates on 30-year and 15-year loan continue declining to record lows for the third straight week in the United States, according to mortgage buyer Freddie Mac.
