(wire)
Home prices climb in April
Single-family home prices climbed unexpectedly in April, fueled by a last sales push before the expiration of the tax credit, according to Standard & Poor's/Cash Shiller home prices indexes.
According to David Blitzer, chairman of S&P index committee and publisher of the price indexes, "Inventory data and foreclosure activity have not shown any signs of improvement. Consistent and sustained boosts to economic growth from housing may have to wait to next year."
The S&P composite index of home prices in 20 metropolitan areas rose 0.4 percent in April on a seasonally adjusted basis. On an unadjusted basis, prices rose 0.8 percent in April after a fall of 0.5 percent the previous month.
Meanwhile, the 20-city index rose 3.8 percent in April compared with the same period one year earlier.
In the wake of the tax credit expiration, home sales have plummeted with some reports showing sales of new homes were down by a record 32.7 percent in May, while applications to buy homes remain near 13-year lows.
According to David Blitzer, chairman of S&P index committee and publisher of the price indexes, "Inventory data and foreclosure activity have not shown any signs of improvement. Consistent and sustained boosts to economic growth from housing may have to wait to next year."
The S&P composite index of home prices in 20 metropolitan areas rose 0.4 percent in April on a seasonally adjusted basis. On an unadjusted basis, prices rose 0.8 percent in April after a fall of 0.5 percent the previous month.
Meanwhile, the 20-city index rose 3.8 percent in April compared with the same period one year earlier.
In the wake of the tax credit expiration, home sales have plummeted with some reports showing sales of new homes were down by a record 32.7 percent in May, while applications to buy homes remain near 13-year lows.
