Home prices rose in March

SANTA ANA, Calif., May 8 (UPI) -- U.S. home prices rose in March compared to February for the first monthly climb in eight months, market research firm CoreLogic said Tuesday.

On a month-to-month basis, home prices were up 0.6 percent, CoreLogic said. On an annual basis, however, prices were off by 0.6 percent.

The figures include sales of distressed homes, which involves short sales and real estate owned transactions.

Excluding distressed sales, the Home Price Index rose 0.9 percent in March 2012 compared to 12 months earlier.

"This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices," said Mark Fleming, chief economist for CoreLogic.

Fleming said that pattern has been true in the past two years. However, "the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of real estate owned sales."

Real estate owned sales are defined as sales of properties owned by the bank or the agent that insured the loan.