Tuesday, May 29, 2012
Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is latest evidence of a slow recovery taking shape in the troubled housing market.
The Standard & Poor's/Case-Shiller home price index shows that prices increased in 12 of the 20 cities it tracks.
Prices increased in Tampa and Miami — two of the hardest hit markets. Las Vegas — the nation's worst market — so no change in prices.
Prices dropped sharply in Detroit, Chicago and Atlanta.
The increases partly reflect the beginning of the spring selling season. The month-to-month prices aren't adjusted for seasonal factors.
The overall index of 20 cities was essentially unchanged in March, after falling 0.8 percent in February.