Home Prices Climb For 2nd Month In Row In March
MSNBC.COM - U.S. single-family home prices edged higher in March, the second month of gains in a row, adding to signs the housing market is stabilizing, a closely watched survey said on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.1 percent in March on a seasonally adjusted basis, falling shy of economists' forecasts for a gain of 0.2 percent.
On an unadjusted basis, the index was unchanged. Prices in the 20 cities were down 2.6 percent year over year, improving from the 3.5 percent yearly decline seen last month.
Still, the major indexes ended the first quarter at new post-crisis lows, the report said. For the first quarter, prices were down 2 percent, compared to a 3.9 percent decline in the last three months of 2011.
Tuesday's data was another piece of evidence recently that the housing market is making a bumpy revival. The median price for a new home rose 4.9 percent in April, year over year, while sales of existing homes rose 10 percent last month versus April 2011. click here to read more
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