First month-to-month gain in 34 months.
WASHINGTON (MarketWatch) -- U.S. home prices rose in May on a
month-to-month basis for the first time since July 2006, according to the
national Case-Shiller home price index released Tuesday.
On a month-to-month basis, prices in 20 selected cities rose 0.5% in May, with increases in
13 cities, compared with a decline of 0.6% in April.
Has housing hit a bottom?
"This could be an indication that home price declines are finally stabilizing," said David
Blitzer, chairman of the index committee for Standard & Poor's, which compiles the Case-
On an annual basis, U.S. home prices fell in May, but overall annual declines are slowing.
U.S. home prices were down 17.1% in the year ended May. This is slower than the 18.1%
drop in April.
Seventeen of the 20 metro areas saw improvements in their annual returns compared to
April. On Monday, the government reported sales of new single family homes spiked 11%
higher in June.
Analysts were cautious about the data. Despite the deceleration in home price depreciation
in recent months, prices are still 32.3% below their peak in mid-2006, analysts noted.
Maplewood, Short Hills, South Orange, Summit, and Millburn real estate and homes for sale in New Jersey - Robert Northfield, Realtor
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