One month after reporting that its home price gauge had officially double dipped, ""Standard & Poor's"":http://www.standardandpoors.com says prices have inched up, in line with the expected seasonal boost that accompanies the spring buying season.
The 20-city composite reading of the ""S&P/Case-Shiller"":http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us indices posted a 0.7 percent increase in April versus March. The 10-city composite was up 0.8 percent. ItÃ¢â‚¬â„¢s the first time the two measurements have posted monthly gains in eight months.[IMAGE] [COLUMN_BREAK]
Both indices are lower than a year ago. The 20-city composite remains 4.0 percent below April 2010, while the 10-city reading is down 3.1 percent.
Looking at the monthly movement, even in the midst of the spring season, it wasnÃ¢â‚¬â„¢t all up and up.
Seven cities experienced lower prices compared to March, and six showed new index lows in April: Charlotte, Chicago, Detroit, Las Vegas, Miami, and Tampa. Boston posted a 0.2 percent drop for April when compared to March, but managed to hold above a new low point.
The biggest monthly gain was recorded in Washington D.C., way out ahead of the pack with a 3.0 percent jump. The closest behind D.C. was San Francisco with a 1.7 percent increase.
Ã¢â‚¬Å“In a welcome shift from recent months, this month is better than last - AprilÃ¢â‚¬â„¢s numbers beat March,Ã¢â‚¬Â said David M. Blitzer, chairman of the index committee for S&P.
Ã¢â‚¬Å“However,Ã¢â‚¬Â Blitzer added, Ã¢â‚¬Å“the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.Ã¢â‚¬Â