Industry NewsMarkets & Economy

Shrinking inventory boosts home prices

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A national home-price index maintained by data aggregator CoreLogic showed prices edging up from February to March -- the first month-over-month increase since last summer.The CoreLogic Home Price Index showed home prices, including distressed sales, increasing by 0.6 percent from February to March, and down by the same amount when compared to a year ago.If distressed sales are excluded, the index showed the third consecutive month-over-month increase in national home prices, and annual gains of 0.9 percent. Distressed sales include short sales and real estate owned (REO) transactions."This spring the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices," said Mark Fleming, chief economist for CoreLogic, in a statement. "Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spi...