Amy Pace and her daughters, Taya,4 and Shaylee,2, play in a lot they recently purchased to build a home on in Layton on Wednesday, September 7, 2011.
Laura Seitz, Deseret News
House prices in 20 U.S. metropolitan areas fell over the last year due to a sales boost brought on by lower borrowing costs and a bolstered job market, according to Bloomberg.
The S&P/Case-Shiller index shows home values have dropped 2.6 percent from a year earlier. The index fell 3.5 percent in February.
The index may be a sign that the housing market is making a comeback, according to Bloomberg.
Homebuilders are saying the spring selling season is the most-improved in seven years, which is fueled by record-low mortgage rates and shrinking inventories.
“We’ve turned the corner,” Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Fla., told Bloomberg. “This was always going to be a very gradual process. No one expected a real sharp housing recovery.”
Demand for homes is helping to stabilize prices.
A report from the Commerce Department shows a 3.3 percent rise in new home sales in April to a 343,000 annual rate, according to Bloomberg.
EMAIL: jferguson@desnews.com
TWITTER: @joeyferguson
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Joey Ferguson is a business reporter for the Deseret News who focuses on public finance. He joined Deseret News after graduating from Brigham Young University-Idaho with a bachelor's degree in journalism in May 2011. He more ..
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How does this square off with the AP release by CHRISTOPHER S. RUGABER - AP ECONOMICS WRITER that home prices according to the Standard & Poor's/Case-Shiller home price index rose in most cities. Does it not seem odd that while most other More..
A point I should add here..... is I guess it is all about spin, and how you want to spin the news. Yes, year over year, prices were down through March. The other side to that is we were down less year over year than we were the previous quarter. More..