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Home-price survey shows mixed results
NEW YORK, A closely watched report on U.S. housing showed Tuesday that home prices were up 4.6 percent in May compared with April in a 20-city index.
The monthly S&P/Case Shiller index showed price improvements for both the 10-city and 20-city surveys, but mixed results overall.
The 10-city home price index rose 5.4 percent, but in the larger index only 12 of the 20 cities showed home prices making gains. A month ago, 18 of the 20 cities in the larger index showed price improvements.
"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," said Chairman of the Index Committee David Blitzer.
Traditionally, the summer is "a strong seasonal period for home prices," which means some of the gains were due to seasonal variations, rather than part of a recovery process, Blitzer said.
The survey found prices up 18.3 percent from a year ago in San Francisco, 12.4 percent higher in San Diego and 11.6 percent higher than May 2009 in Minneapolis.
But prices are down 6.5 percent from May 2009 in Las Vegas, 2.8 percent in Charlotte, N.C., and 2.5 percent in Detroit.
NEW YORK, A closely watched report on U.S. housing showed Tuesday that home prices were up 4.6 percent in May compared with April in a 20-city index.
The monthly S&P/Case Shiller index showed price improvements for both the 10-city and 20-city surveys, but mixed results overall.
The 10-city home price index rose 5.4 percent, but in the larger index only 12 of the 20 cities showed home prices making gains. A month ago, 18 of the 20 cities in the larger index showed price improvements.
"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," said Chairman of the Index Committee David Blitzer.
Traditionally, the summer is "a strong seasonal period for home prices," which means some of the gains were due to seasonal variations, rather than part of a recovery process, Blitzer said.
The survey found prices up 18.3 percent from a year ago in San Francisco, 12.4 percent higher in San Diego and 11.6 percent higher than May 2009 in Minneapolis.
But prices are down 6.5 percent from May 2009 in Las Vegas, 2.8 percent in Charlotte, N.C., and 2.5 percent in Detroit.
