Industry NewsMarkets & Economy

No ‘sustained recovery’ in real estate prices

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A monthly home-price index of 20 major cities nationwide rose 4.6 percent year-over-year in May, according to the latest Standard & Poor's/Case-Shiller National Home Price Indices report released today. The indices, which are based on repeat sales of single-family homes over time, have a base value of 100, with levels above 100 representing the percentage of home-value appreciation since January 2000. The 20-City Composite Home Price Index was 146.43 in May, up 1.3 percent from the previous month. Of the 20 major cities the index tracks, 19 showed positive gains compared to the previous month and 13 improved over the May 2009 values. A similar 10-city composite index rose 5.4 percent. "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 David M. Blitzer, chairman of the index committee at Standard & Poor's, in a s...