NEW YORK – A widely watched index shows home prices posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing.
The Standard & Poor’s/Case-Shiller home price index of 20 major cities released Tuesday rose 0.5 percent from April, but was still 17.1 percent below May a year ago.
The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes didn’t post record annual decline. Home prices are now at levels not seen since mid-2003.
Related Posts
- US existing home sales unexpectedly fall in April
- Falling home prices are raising the risk of a deeper correction as the housing market cracks under high mortgage rates
- Home Values Dropping In 27 Of 50 U.S. States As The Housing Market Shifts Amid Continuing High Interest Rates, Zillow Data Shows
- U.S. home prices are dropping the most in these regions
- Home contract signings jumped in August as mortgage rates dropped
- Lower prices boost new US home sales; outlook downbeat amid higher mortgages
- Here’s the latest sign that the US housing market has frozen over
- New home sales fall to seven-month low in May; supply increases
- Simon Property Group reports rise in quarterly real estate FFO on strong leasing demand