By Tami Luhby @CNNMoneyJune 26, 2012: 9:54 AM ET
NEW YORK (CNNMoney) — Home prices rose in April for the first time in seven months, though they are still near record lows, according to a report out Tuesday.
Average home prices increased 1.3% in April in 20 major markets, according to the S&P/Case-Shiller home price index. This comes after prices hit new post-bubble lows in March.
As of April, average home prices nationwide are back to where they were in early 2003. Prices are down 34% from their summer 2006 peak.
Commentary from Bob Karp of Karp Properteries LLC: There is some good news here. Any price change that isn’t downward is very welcome. The index referenced in the story is for major markets and all real estate is local; however changes in the market in Phoenix and Tucson will ultimately affect Sierra Vista. The important thing for both buyers and sellers of real estate in the Sierra Vista and Hereford Arizona area is that prices are down a stunning 34% from summer 2006. Sellers: if you purchased a home anytime in the 2006/2007 period you should be prepared that your home may be worth as much as 30% less than you paid for it. Buyers: it looks like we have hit the bottom of the market and there should be great deals. You might want to consider buying now.