This morning, the S&P/Case-Shiller Index report for May was released showing US home prices increased for the second consecutive month with average home prices in the U.S. being about the same as they were in the summer of 2003. The report shows their 20-city composite home price index increased by 1.0 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.6 percent from the year before.
- Sixteen of the 20 MSA’s showed a month over month increase in home prices
- Detroit, Las Vegas and Tampa were down over the month and Phoenix was unchanged
- Washington D.C. was the only MSA with a year over year increase coming in with a 1.3 percent increase in home prices for the year.
- Minneapolis fared the worst with a decline of 11.7 percent from a year ago.