U.S. home prices climbed in April in a fresh sign of stabilization for the housing market, data analysis firm CoreLogic said on Tuesday.
CoreLogic's home price index rose 2.2 percent in April from the previous month and gained 1.1 percent from the year before.
Excluding distressed sales, prices jumped 2.6 percent for the month and were up 1.9 percent on a yearly basis. Distressed sales — which include foreclosed homes and properties where the homeowner is behind on payments — are often done at significantly reduced prices.
Prices have improved as the amount of homes available for sale have been whittled down, Anand Nallathambi, chief executive officer of CoreLogic, said in a statement.
"Home prices are responding to a restricted supply that will likely exist for some time to come — an optimistic sign for the future of our industry," said Nallathambi.
Of the top 100 statistical areas measured by population, 44 showed year-over-year price declines, down from 54 in March.
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