Existing home prices improved in May as measured by S&P’s Case-Shiller index. Both the 10- and 20-city indices saw 2.2% growth in home prices over the month. May’s improvement brought prices closer to year ago levels.
The 10-city index is now just 1.0% below year ago levels, a significant improvement on the 2.2% reported in April. Similarly the 20-city index remains only 0.7% below year ago levels, better than the 1.9% reported in April.
May’s home price performance was strong across the country, with no metropolitan areas reporting price declines over the month. Only 8 of the 20 metro areas surveyed are still reporting prices below year-ago levels. Atlanta has fared the worst by far, with prices 14.5% below year-ago levels, however saw prices rebound 4.0% in May alone. Prices in Phoenix have rebounded notably, and now stand 11.5% above year-ago levels, following a 2.7% jump in May.
Read S&P's release.