S&P Dow
Jones Indices (S&P DJI) announced on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, demonstrated a 6.8
per cent y-o-y soar in May, following an upwardly revised 7.3 per cent y-o-y jump
(from +7.2 per cent y-o-y) in April. This marked the weakest annual increase in
house prices since January (+6.6 per cent).
Economists had predicted
a gain of 6.7 per cent y-o-y.
According to
the report, all 20 cities saw y-o-y
advances in prices in May, led by New York (+9.4 per cent y-o-y), San
Diego (+9.1 per cent y-o-y), and Las Vegas (+8.6 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, rose 5.9 per cent y-o-y in May, following an upwardly revised
6.4 per cent y-o-y climb (from +6.3 per cent y-o-y) in the previous month.
On a m-o-m basis, the U.S. National Index went
up 0.9 per cent, and the 20-City Composite increased 1.0 per cent.