NEW YORK (AP) – June 29, 2010 – Home prices in April rose for the first time in seven months as government tax incentives helped to bolster the housing market.
The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 0.8 percent gain. It had fallen in each of the past six months.
Eighteen of 20 cities showed price increases month over month. Only Miami and New York recorded price declines.
The gains highlight the impact of the federal tax credits for homebuyers. Buyers rushed to purchase before the tax credits expired at the end of April.
Nationally, prices have risen 3.8 percent from their April 2009 bottom. But they remain 30 percent below their July 2006 peak.