May Home Prices Post 1st Gain in 3 Years

By Kevin Spak,  Newser Staff
Posted Jul 28, 2009 8:53 AM CDT
May Home Prices Post 1st Gain in 3 Years
Chart shows new home sales for the past 13 months, seasonally adjusted.

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%. (Read more home prices stories.)

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