BOSTON (CBS) – Home prices in Greater Boston increased slightly in March, according to the S&P/Case-Shiller Home Price Index.
In the Boston area, seasonally adjusted prices rose 0.7 percent in March from February. But compared to March of last year, home prices fell by one percent, the survey said.
“While there has been improvement in some regions, housing prices have not turned,” said David M. Blitzer, chairman of the Index Committee at S&P Indices, in a statement.
“This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time. according to the S&P/Case-Shiller composite index.”
Only three cities — Atlanta, Chicago and Detroit – saw annual rates of change worsen in March.
Moreover, there are now seven cities – Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix – where the annual rates of change are positive.
This is what we need for a sustained recovery, Blitzer said, monthly increases coupled with improving annual rates of change.
“Once we see this on a broader level we will be able to say the market has turned around,” he added.
Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.
You can follow Lisa on Twitter at @lvanderpool.