While other major markets around the country had a boost in home prices in April, Charlotte was among six cities posting their lowest levels in four years, according to a report released Tuesday.

The other major markets were fueled by the spring home buying season. Overall, the news from the Standard & Poor's/Case-Shiller Home Price Index, which tracks repeat sales, reflects cautious optimism about a turnaround for major markets. After dipping to mid-2002 levels in March, average home prices rose to summer 2003 levels in April.

Among the 20 markets the index tracks, prices rose 0.7 percent from March to April.

Charlotte, however, was among six major markets - including Chicago, Detroit, Las Vegas, Miami and Tampa - showing new lows in April. In Charlotte, prices dropped 0.3 percent from March and remained down 6.6 percent over the year, the report found.

For the Charlotte market, the index representing home prices peaked in August 2007, "and now it's down a touch over 20 percent from that peak," said David Blitzer, chairman of the index committee at Standard & Poor's. "The April number is the lowest number that we've seen since it peaked."

Home prices in the Charlotte metro area could struggle for a while, according to Wells Fargo & Co. economist Mark Vitner.

"I'm afraid prices on an overall basis will fall another 5 percent before we hit an absolute bottom," Vitner said. "That may still be another year away."

Vitner said factors contributing to this include the Charlotte area's unemployment rate, which climbed to 10.4 percent in May - above the statewide rate of 9.7 percent. Potential homebuyers relocating from other areas are having a hard time selling their homes, delaying decisions to buy in Charlotte, he said. Plus, borrowers are having to meet more stringent lending requirements, such as having stronger credit scores and posting higher down payments on home purchases.

Vitner said that although home prices may rise a bit over the next few months, he expects prices to dip again in the fall with the sale of foreclosures.

"It's just really the severity of the recession that brought about the slide in home prices, and things haven't gotten that much better," Vitner said.

However, Vitner predicts a turnaround in home prices in the next year to 18 months as job growth and corporate relocations pick up.

Earlier this month, Compass Group USA, the Charlotte-based food service leader, said it will bring 200 jobs to Charlotte as it relocates some of its corporate positions. Florida-based Connextions, which provides call center services for the health care industry, has announced it will bring 1,200 jobs to the Charlotte area.

Among overall sales - not just the repeat sales tracked by Case-Shiller - average home prices have been on the rise for the last five months, according to Laurie Knudsen, president of the Charlotte Regional Realtor Association.

Figures from the association's Carolina Multiple Listing Services, which accounts for nearly all sales in the Charlotte area, show the average home selling price in the Charlotte region in May was $208,999, up about 3 percent from April, and up 0.6 percent from the year before. That's still down about 7 percent from May 2008, shortly after the recession began.

"I'm seeing an increase in showings," said Knudsen, broker in charge for the Ballantyne office of Helen Adams Realty.

"I'm seeing multiple offers, things I haven't seen previously. ... So if someone's got a good property that's in good condition, that's going to sell."

Though the Charlotte news was in contrast to the optimistic nationwide picture, Blitzer still offered some caution.

"It is much too early to tell if this is a turning point or simply due to some warmer weather," Blitzer said of the nationwide numbers.

"For a real recovery, we would need to see several months of increasing home prices, large enough to shift the annual momentum to the positive side."