The S&P/Case Shiller Index, a bellwether for the new housing market, has reported that home prices, on average, increased 1.3% in April compared with March for both the 10-city and 20-city composites. This announcement follows seven consecutive months of falling home prices on the indices.
But on an annual basis, home prices fell. For the 10-city composite, the decrease was 2.2% when compared with April 2011. The 20-city composite dropped 1.9%.