March U.S. Home Prices See First Climb Since July

May 8, 2012 | By
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This photo taken Thursday, March 15, 2012, PVC pipes are seen next to new single-family detached homes being built by Lennar at the "Aria at West Creek" development in Santa Clarita, Calif. U.S. builders started work on slightly fewer homes in February, but they began preparing for what could be the healthiest spring buying season since the housing bubble burst. (AP Photo/Damian Dovarganes)

WASHINGTON – U.S. home prices edged up 0.6% in March, the first monthly rise since July 2011, according to CoreLogic. That represents a year-on-year fall of 0.6%. Excluding distressed sales, month-over-month prices increased for the third month in a row. “This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”

Copyright © 2012 MarketWatch, Inc.

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Category: COMMERCE, NATIONAL, POLITICS

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