Home Prices Up for First Time in Over Three Years

New York, NY, April 27, 2010–Home prices in February posted their first annual increase in more than three years, according to Standard & Poor’s/Case-Shiller home price index.

Despite the 0.6 percent increase on a non-seasonally adjusted basis, 11 of the 20 cities in the Standard & Poor’s/Case-Shiller home price index showed declines.

The last time prices rose on a year-over-year basis was December 2006.

Home prices are up more than 3 percent from the bottom in May 2009, but still are 30 percent below the May 2006 peak.

“These data point to a risk that home prices could decline futher before experiencing any sustained gains,” David Blitzer, chairman of the S&P index committee, said in a statement.