Data through May 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, showed that average home prices increased by 2.2 percent in May over April for both the 10- and 20-City composites.
With May’s data, home prices fell annually by 1 percent for the 10-City Composite and by 0.7 percent for the 20-City Composite versus May 2011. Both composites and 17 of the 20 MSAs saw increases in annual returns in May compared to April. Boston, Charlotte and Detroit were the three cities that saw their annual returns worsen in May, with annual rates of -0.1 percent, +0.9 percent and +0.6 percent, respectively.
Atlanta continues to be the only city posting a double-digit negative annual return with -14.5 percent. However, this is an improvement over the -17.0 percent annual decline recorded in April 2012.
All 20 cities and both composites posted positive monthly returns. No cities posted new lows in May 2012.
To read the rest of the report, click here.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable