Home prices in major U.S. metropolitan areas rose by more than economists had expected, according to a report released by Standard & Poor's on Tuesday.
The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index rose by a seasonally adjusted 0.7 percent in April, matching the upwardly revised increase in March.
Economists had expected home prices to rise by 0.4 percent compared to the 0.1 percent increase originally reported for the previous month.
On a non-seasonally adjusted basis, the 20-City Composite Home Price Index jumped 1.3 percent in April after coming in unchanged in March.
"With April 2012 data, we finally saw some rising home prices," said David M. Blitzer, Chairman of the Index Committee at S&P Indices.
He added, "While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign."
Compared to the same month a year ago, the index was down by 1.9 percent in April, reflecting a continued deceleration from the 2.6 percent drop seen in March.
by RTT Staff Writer
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