Standard & Poor's reported Tuesday morning that its national home price index fell 2% in the first quarter on a sequential basis.
“While there has been some improvement in some regions, prices have not turned,” according to David Blitzer, chairman of the S&P index committee.
However, house prices were unchanged from February to March, based on the 20-city S&P Case-Shiller house price index.
“After close to six consecutive months of price declines across most cities, this is relatively good news,” Blitzer noted.
In February, values fell in 16 cities. In March, 12 cities saw average home prices rise, seven cities saw prices fall and prices in Las Vegas were flat.
Blitzer said more cities have to post price increases before he will be convinced values have finally stabilized and turned the corner.
Overall, prices are down 2.6% from March 2011 based on the latest reading of the 20-city S&P Case-Shiller HPI.