Tuesday, July 30, 2013

Home Prices Continued Improvements in May

Existing home prices appreciated 2.4% in May, according to the Case-Shiller 20-city index. Gains from one year ago accelerated as well, with the 20-city index rising 12.2% above its May 2012 pace. The 10-city index rose 2.5% from the previous month, and 11.8% from year ago levels. May’s gains softened slightly from April.

May’s improvement was widespread geographically with 18 out of the 20 metropolitan areas surveyed reporting month over month price increases. The biggest month-to-month gains were in the west. San Diego led the back at 2.6%. Cleveland and Minneapolis were the two declining regions. Year-over-year gains improved in all metro areas. San Francisco saw the strongest year-over-year growth at 24.5%, with the lowest at 3.3% in New York.

Despite the recent improvements, home prices remain well below their pre-crisis peak. The 20-city index is still 24.4% below its July 2006 peak.

Read the Standard and Poor release.

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