Despite a few markets showing negative gains, home prices grew overall in May, according to the Standard & Poor's/Case-Shiller Home Price Indices report.
The report found that average home prices jumped 2.2 percent from April to May, a percentage drawn from the 10- and 20-city composite indices studied.
"The 10- and 20-city composites were each up 2.2 percent for the month and recorded respective annual rates of decline of 1 percent and 0.7 percent, compared to May 2011," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. "While still negative, these annual changes are the best we’ve seen since in at least 18 months."
Bloomberg said the year-over-year falls were expected, as the median forecast of 29 economists in a survey by the news source projected a 1.4 percent fall.
Ellen Zenter, senior U.S. economist at Nomura Securities International, told Bloomberg that the gains from April to May provide positive news for both the economy and housing market. Many U.S. households will benefit from continued increases in the real estate market.
