Clear Capital's Home Data Index Market Report for April showed that national residential home prices are still declining, but are being buoyed by a heightened saturation and sales rate of real estate-owned properties.
The index showed that the national residential home price average dropped by 1 percent in the past year. Regionally, prices have leveled out in many areas, as most regions are at a less than 1 percent decline. In addition, REO prices have improved 5.5 percent during that time, while other sales have declined 2.9 percent.
"Home prices continue to show relative strength in April with virtually no change over the short term and tapering losses over the longer term," said Alex Villacorta, director of research and analytics at Clear Capital.
REO saturation has risen, and the proportion of distressed sales has increased as well, the report said. Saturation was 27.9 percent last month, which was a significant rise from December's 25.3 percent.
The report added that home values are still struggling, overall. Since the housing market's peak, the total figure has declined 58.2 percent.