Home prices show stability after modest gain

Home prices show stability after modest gain

Home prices rose slightly in May compared with a month earlier, appearing to have stabilized at the lower levels that followed the end of the residential real estate bubble, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets released Tuesday.

Prices were up 1.3% from April, and 4.6% from 12 months earlier.

The price rise might have reflected one of the last gasps of the government’s incentive program, which paid tax refunds of as much as $8,000 to homebuyers if they signed a sales contract before May 1.

“It does look like the market was boosted by the tax credit,” said Robert Dye, senior economist for PNC Financial Services. “It seems to have pulled some of the demand forward.”

Although the increase was welcome news for the beleaguered housing market…

Please read the remainder of this article by CNNMoney.com here.

Renee West
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Renee West

Broker Associate at Villa Real Estate
I'm a real estate broker associate in Newport Beach & Corona del Mar, CA, with Villa Real Estate.
Contact me at (714) 914 9060 or rwest@villarealestate.com for all your real estate wants and needs.
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