U.S. home prices increased for the second consecutive month in May, according to the S&P/Case-Shiller Home Price Indices. The 10- and 20-City Composites rose 1.1 percent and 1 percent, respectively, in May compared with April. On an annual basis, the 10- and 20- City Composites were down 3.6 percent and 4.5 percent, respectively, in May 2011 versus the same month last year.
“We see some seasonal improvements with May’s data,” said Chairman of the Index Committee at S&P Indices, David M. Blitzer. “This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected. The concern is that much of the monthly gains are only seasonal.”
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