May Home Prices Post 1st Gain in 3 Years

By Kevin Spak, Newser Staff

Posted Jul 28, 2009 8:53 AM CDT

(Newser) – May home prices rose month-over-month for the first time in almost three years, according to the S&P Case-Shiller Index, edging up 0.4% from April. That still left them 17% lower than they were a year ago, however, the Wall Street Journal reports, with home prices at around 2003 levels. “We likely do have a way to go before we see sustained home-price appreciation,” said the chairman of the S&P index committee.

The biggest winners were Cleveland, where prices were up 4.1%, and Dallas, up 1.9%. Las Vegas, meanwhile, found itself at the bottom of the heap again, with prices down 2.6%. The news was even worse for Vegas on a year-over-year basis; its prices are down 32%, good for second worst behind Phoenix’s 34%.

Chart shows new home sales for the past 13 months, seasonally adjusted.

In this June 23, 2009 photo, a "sold" sign is seen on a home for sale in Los Angeles. (AP Photo/Reed Saxon)

In this June 16, 2009 photo, a new home sold sign is shown in Happy Valley, Ore. (AP Photo/Rick Bowmer)

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Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

British Homes Now Cheaper Than Ritzy London Parking

There's a disconnect betwee London and the rest of the country

Housing Prices Hit New Recession Low

And there's no bottom in sight

11% of US Homes Vacant

Prices set to fall even further

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Declines could hurt broader recovery

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OTHER STORIES ON OUR RADAR

Cleveland • housing market • Las Vegas • home prices • Case Shiller price index

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

British Homes Now Cheaper Than Ritzy London Parking

There's a disconnect betwee London and the rest of the country

Housing Prices Hit New Recession Low

And there's no bottom in sight

11% of US Homes Vacant

Prices set to fall even further

Housing Market Headed for Double Dip

Declines could hurt broader recovery

About Us

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Newser By Users

Community

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More News

What is Newser?