CHART OF THE DAY: Home Prices Post Their Biggest Annual Gain Since March 2006

Home prices continued to surge in May, though they came in just shy of expectations.

The 10- and 20-city composites had their best year-over-year gains since March 2006. Moreover, all 20 cities saw home price gains on a month-over-month and year-over-year basis.

The composites are also back to their spring 2004 levels.

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