S&P/Case-Shiller index down 18.1% year over year, but monthly drop narrows to 0.6% in April.

(Source: CNN)

Home prices continued to tumble in April, falling 18.1% from a year earlier — but the change from March narrowed sharply, indicating that housing markets may be starting to turn.

The 20-city slice of the S&P/Case-Shiller Home Price index recorded a drop of 0.6% from March to April, compared with a 2.2% drop in the prior month. The index has declined every month since July 2006.

“The pace of decline in residential real estate slowed in April,” says David Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Thirteen of the 20 metro areas also saw improvement in their annual return compared to that of March.”

Not only that but every metro area save one — Charlotte, N.C. — reported improvement in their monthly return compared with March.

Read Les Christie’s full article “Home prices drop, but at a slower rate” in CNN (June 30, 2009).

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