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Case-Shiller: Home prices inch up March to April, down for the year

Tue, Jun 28, 2011

News

Home prices nationally rose slightly from March to April, according to the Standard & Poor’s/ Case-Shiller report released today.

The report factors home prices in the top 10 and 20 cities in the country.

While Colorado Springs is not counted on the list, Denver is. The metro area saw a 1.5 percent boost in home prices between March and April, double what the averaged national 10-city and 20-city markets did.

It was the first month that home prices ticked upward in eight months, according to the report. However, analysts cited in the report said the uptick could simply be the result of a shift into “home-buying season,” which traditionally starts in the spring when the weather warms and families are gearing up for school breaks.

While the rise in prices from March to April indicates a silver lining, the report also stated that home prices nationally are back down to levels last seen in the summer of 2003. Prices are down 32 percent from their peaks in the summer of 2006, according to the report.

Year over year, home prices on the 10-city composite were down more than 3 percent and on the 20-city composite they were down 4 percent. Denver saw a 4.1 percent drop from April, 2010 to April, 2011, according to the report.

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