Although 18 of 20 tracked cities showed month-to-month price increases in April, the improvements of 3.8 percent from a year ago in the 20-city composite index and 4.6 percent from April 2009 in the 10-city index were nothing to write home about, said David Blitzer, chairman of the Index Committee at Standard & Poor's.
"Many of the gains are modest and somewhat concentrated in California. Moreover, nine of the 20 cities reached new lows at some time since the beginning of this year," he said.
Only Miami and New York appear to have been left out of a general home-buying rush that was triggered by a federal tax credit for homebuyers that ended April 30, the report said.
"Other housing data confirm the large impact, and likely near-future pullback, of the federal program," Blitzer said.
"Inventory data and foreclosure activity have not shown any signs of improvement. Consistent and sustained boosts to economic growth from housing may have to wait to next year," he said in a statement.
Copyright 2010 United Press International, Inc. (UPI).