Tuesday, July 31, 2012
Home prices rose in May from April in every city tracked by a leading index, a sign that increasing sales and tight inventories are supporting a modest housing recovery.
The Standard & Poor's/Case-Shiller home price index shows increases in all of the 20 cities tracked. And a measure of national prices rose 2.2 percent from April to May, the second increase after six months of declines.
Chicago, Atlanta and San Francisco posted the biggest monthly increases. Detroit, San Diego and Charlotte posted the smallest gains.
The increases partly reflect the impact of seasonal buying. The month-to-month prices aren't adjusted for seasonal factors.
In the past year, the 20-city price index has dropped 0.7 percent, the smallest decline in about 18 months.