Case-Shiller: Record Monthly Gain In April

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U.S. home prices continued rebounding in April, rising 2.5 percent over March levels such that they are now more than 12 percent above April 2012 levels; the latest sign the housing-sector meltdown that took the economy with it may well be receding in the rearview mirror, according to the latest S&P Case-Shiller Home Price Indices.

Both the 10-city index and the 20-city index that make up the data series posted their biggest monthly gains in the history of the report, and both indexes have posted positive year-over year returns for the fourth-straight month.

Signs of a rebound in housing are exceedingly good news for the economy, given that the entire crash of 2008-2009 and the ensuing "Great Recession" began in the real estate market. It's hardly a surprise that investment funds focused on housing are rebounding too.

The share price of the SPDR S&P Homebuilders ETF (NYSEArca:XHB) was up 2.6 percent on Tuesday morning, and it has risen about 10 percent this year and almost 50 percent year-to-date, as home construction begins to fire up again in the face of tight inventories in many markets, such as the U.S. Northeast.

In the Case-Shiller survey, the 10-city index rose month-on-month 2.6 percent, while the 20-city index rose 2.6 percent, S&P Dow Jones Indexes said in a press release today. In the monthly series, only Detroit failed to post monthly gains. On an annualized basis, the 10-city index rose 11.6 percent and the 20-city index rose 12.1 percent.

Measured from the housing market's peak, the "peak-to-current-decline" for both the 10- and 20-city composites is 26 to 27 percent.

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