Home Prices Fall 18.1% in April Jul 1, 2009

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U.S. home prices fell 18.1% in April, said the Standard & Poor's/Case-Shiller index of 20 major cities.

The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded.

Eight of the 20 metros posted price gains from March, with Dallas recording the largest increase at 1.7%, the index showed. Every city except Charlotte, NC showed some kind of improvement month-over-month.

The 20-city index is off almost 33% from its peak in the second quarter of 2006, which means home values are now around 2003-levels, said the report.

Hardest hit remain Phoenix and Las Vegas, where home prices have lost more than half their value since their peaks.

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