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Housing market improving as home prices fall at slower rate

In April, home prices fell at the slowest rate in a year, according to data released today from the S&P/Case-Shiller index.

Home prices only fell 1.9 percent in April from the same time a year ago, which is a sign that the housing market continues to improve, according to Bloomberg. 

In both the 10-city and 20-city composite indexes, the price of homes rose 1.3 percent on average from March to April.

Home prices in Phoenix rose 2.5 percent from March to April, which was the biggest increase of any city, and prices in that city have risen 8.6 percent since last year. Atlanta had the biggest decrease in home prices, falling by 17 percent from the same time last year.  

“We finally saw some rising home prices,” said David Blitzer, chairman of the S&P index committee, in a release. “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.”

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