Home prices in major U.S. metropolitan areas saw continued growth in the month of May, according to a report released by Standard & Poor’s on Tuesday.

The report said the S&P/Case-Shiller 20-City Composite Home Price Index 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.

 

 

U.S. Home Prices Continued To Increase In May.