Data through May 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, showed that average home prices increased by 2.2 percent in May over April for both the 10- and 20-City composites.
With May’s data, home prices fell annually by 1 percent for the 10-City Composite and by 0.7 percent for the 20-City Composite versus May 2011. Both composites and 17 of the 20 MSAs saw increases in annual returns in May compared to April. Boston, Charlotte and Detroit were the three cities that saw their annual returns worsen in May, with annual rates of -0.1 percent, +0.9 percent and +0.6 percent, respectively.
Atlanta continues to be the only city posting a double-digit negative annual return with -14.5 percent. However, this is an improvement over the -17.0 percent annual decline recorded in April 2012.
All 20 cities and both composites posted positive monthly returns. No cities posted new lows in May 2012.
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