Home Prices Rise For First Time In 7 Months

NEW YORK (CNNMoney) — Home prices rose in April for the first time in seven months, though they are still near record lows, according to a report out Tuesday.

Average home prices increased 1.3% in April in 20 major markets, according to the S&P/Case-Shiller home price index. This comes after prices hit new post-bubble lows in March.

As of April, average home prices nationwide are back to where they were in early 2003. Prices are down 34% from their summer 2006 peak.

On an annual basis, prices are down 1.9%, though that’s an improvement over March’s decline. Ten cities — Boston, Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis, Phoenix, Tampa and Washington D.C. — had positive annual returns.

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