Home prices improved during April. Seasonally adjusted, the Case-Shiller Home Price Index inched up 0.4% from March after two months of slight decline. However, home prices remain depressed and have fallen 29.1% since the May 2006 peak. Moreover, home prices in April may have been buoyed by the $8,000 home-buyer Federal tax credit which is about to expire.  The narrower 10 City Composite Home Price Index rose a seasonally adjusted 0.3% during April. Over the last year prices rose 4.7%.

The performance of home prices continued to vary around the country. During April the 12-month gain in prices was strongest in the West where in San Francisco it totaled 18.1% and 11.8% in San Diego. Lesser annual gains were logged in Minneapolis (9.6%), Los Angeles (7.9%), Washington D.C. (7.3%), Cleveland (6.9%) and Phoenix (5.5%). Prices also rose in Boston (4.9%), Denver (4.4%), Dallas (3.3%) and Atlanta (0.3%). Widespread, though lessened, price declines continued in Detroit (-2.9%), Charlotte (-2.2%), Seattle (-2.8%), New York (-1.0%) and Portland (-0.4%).

The Case-Shiller home price series are value-weighted, i.e., a greater index weight is assigned to more expensive homes. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below is in the REGIONAL database.

It's Greek to Me is the title of yesterday's speech by Fed Governor Kevin Warsh and it can be found here.