BIG BEAT: Home Prices Rise 0.91% From Last Month

housing, california, home building

Photo: Justin Sullivan/Getty Images

UPDATE:Home prices in the U.S. increased at a faster-than-anticipated pace in May, improving 0.91 per cent from a month earlier.

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That represents a 0.66 per cent decline from last May, above Wall Street forecasts to be 1.40 per cent below 2011 levels.

Every metro area recorded sequential gains in May, while 17 of the 20 tracked areas also posted year-on-year gains.

“With May’s data, we saw a continuing trend of rising home prices for the spring,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns; however, we need to remember that spring and early summer are seasonally strong buying months.”

Below, key output from the report.

Case Shiller May

Photo: Standard & Poor’s

Case Shiller May

Photo: Standard & Poor’s

ORIGINAL:

Minutes away from the second major data point of the day: the May Case-Shiller house price index.

Economists forecast prices declined 1.4 per cent from the year ago period, representing a 0.4 per cent improvement from April’s print.

The report is due out at 9:00 a.m.

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