Home Prices Take Biggest Jump Since 2006
Up 12.2% in May compared with a year ago
By Kate Seamons, Newser Staff
Posted Jul 30, 2013 8:28 AM CDT
A home is sold in Mt. Lebanon, Pa., Tuesday, July 23, 2013.   (AP Photo/Gene J. Puskar)

(Newser) – US home prices jumped 12.2% in May compared with a year ago, per the Standard & Poor's/Case-Shiller index of property values; that's the biggest yearly gain since March 2006, reports the AP. The highlights didn't stop there: Bloomberg reports that each of the 20 cities in the index showed a price increase as compared to 2012. (San Francisco led the pack with a 24.5% gain; New York was at the rear with 3.3%.) Prices in Dallas and Denver reached the highest level on record, which date back to 2000; that marks the first time a city in the index hit a level above its pre-financial crisis peak.

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Jul 30, 2013 8:31 PM CDT
In S. FL, Palm Beach County prices have risen steadily as inventory has fallen. Cash buyers mostly. Many investors. Financing has been difficult and lengthy. Banks have stalled foreclosures as long as they can but eventually the inventory of those homes that were stalled will hit the market by the thousands. Inventory will rise again and prices will get soft. This is the time to sell before that happens. We have a minor bubble forming so buyers should be wary of a false seller's market. Weird times for someone in the business for 40 years. If the government doesn't quit messing things up, the middle class won't be buying homes like they used to.
Jul 30, 2013 7:42 PM CDT
Some of your guesses on the home market are wrong. Homes are incredibly over-priced everywhere. But now homes will have to be built and sold to families that earn a combined income of $60,000 a year or less. And that yearly income might not be that stable considering all the temporary and seasonal jobs now. The middle class is permanently gone. Sure, the rich will continue to invest and buy real-estate. But if they want to make any money on the properties, they'll have to sell to the majority of the low wage U.S. population.
Jul 30, 2013 2:47 PM CDT
In some areas home prices never changed much from their peak and other areas they sank like boat anchors this is all very good for our economic recovery home values are critical.