Home prices in major U.S. metropolitan areas saw continued growth in the month of May, according to areleased by Standard & Poor’s on Tuesday.
The report said the S&P/Case-Shiller 20-City Composite HomeIndex jumped by 2.4 percent on a non-seasonally adjusted basis in May compared to a revised 2.6 percent increase in April.
Economists had been expecting prices to increase by 2.0 percent compared to the 2.5 percent growth originally reported for the previous month.
On a seasonally adjusted basis, the 20-City Composite Home Price Index rose by 1.0 percent in May following a 1.7 percent increase in April.
Compared to the same month a year ago, the 20-City Composite Home Price Index was up by 12.2 percent in May compared to expectations for 12.3 percent growth.
The annual rate of growth shown by the 20-City Composite Home Price Index for May reflected the strongest since March of 2006.
“Home prices continue to strengthen,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.