Home prices in Texas continued their strong 2012 performance in the latest Case-Shiller Home Price Index, according to Standard & Poor’s (S&P).
Nationally, home prices increased 1.3 percent from March to April, which suggests, after seven long months of price declines, that home values may finally be at the turning point for the nation’s housing market.
Some of S&P’s most important findings were:
- Prices increased for both the 10- and 20-City Composites by 1.3 percent from March to April.
- On an annual basis, prices did still fall by 2.2 percent for the 10-City Composite and 1.9 percent for the 20-City Composite, but S&P noted in its report that those declines were less than its last report, when annual prices fell 2.9 and 2.6 percent for the composites.
- S&P does not track home prices in Houston, but for Dallas, prices were up from March to April by 1.7 percent (after a 1.6 percent increase from February to March), and annually, they were even stronger, posting a 2.8 percent gain.
David M. Blitzer, the chairman of the Index Committee at S&P Indices, said April’s index brought long-awaited increases in home values.
“With April 2012 data, we finally saw some rising home prices,” Blitzer said. “On a monthly basis, 19 of the 20 MSAs and both Composites rose in April over March … In addition, 18 of the 20 MSAs and both Composites saw better annual rates of return. It has been a long time since we enjoyed such broadbased gains.”
Blitzer also noted that the seasonally-adjusted data for April was largely positive, “a possible sign that the increase in prices may be due to more than just the expected surge in spring sales.”