Are home prices finally stabilizing?
Maybe, according to data released Tuesday for Standard & Poor's.
Home prices in the Tampa metro area remained flat from April to May, the Case-Shiller home price index says. It was the first time prices haven't dropped in nearly three years. That followed several months of slowing monthly drops.
"The pace of descent in home price values appears to be slowing," said David Blitzer, chairman of the index committee.
But home prices are still down nearly 21 percent compared with the same month a year ago, Blitzer noted.
"While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis prices are still down about 17 percent on average across all metro areas," he said.
The index, which tracks 20 major U.S. cities, rose 0.5 percent from April, but was still 17.1 percent below May a year ago. Thirteen cities showed monthly increases with the best results in Cleveland, Dallas and Boston.
The 20-city index has lost more than 32 percent since its peak three years ago, putting home prices back to mid-2003 levels.
The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded.
Miami, the only other Florida city tracked, showed a 0.8 percent monthly decrease in prices and a 25 percent drop from the year ago period.
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