Industry NewsMarkets & Economy

Home prices rebound in April

Case-Shiller numbers may indicate more than expected spring surge

Home prices rebounded in April following seven months of declines in nearly all of the major markets tracked by the S&P Case-Shiller 20-City Composite Index.From March to April, 19 out of 20 markets tracked by the index posted price gains, ranging from an almost imperceptible 0.1 percent in New York to a 3.4 percent monthly gain in San Francisco. Detroit saw prices fall 3.6 percent from March, making the only market tracked by the index not to see a monthly gain.Looking back a year, prices were down from a year ago in half of the markets in the 20-City Composite, led by Atlanta (-17 percent), Las Vegas (-5.8 percent) and Chicago (-3.6 percent). In the Phoenix metro area -- a market hit hard early in the downturn that's now seeing tight inventory -- prices were up 8.6 percent.The 20-City Composite Index was up 1.3 percent from March to April, but down 1.9 percent from a year ago.Those figures aren't seasonally adjusted, and changes in home prices "are very seasonal, with the s...