Home prices show monthly increase during May

National home prices were up slightly on a seasonally adjusted basis during May.According to the most recent Standard & Poor's/Case-Shiller home price index, property values nationwide grew for the second consecutive month during May.Overall, the company's 20-city composite index showed a 1 percent increase on a seasonally adjusted basis. Boston led the country with a 2.7 percent jump from April to May, followed closely by Minneapolis at 2.6 percent and Washington, D.C. at 2.4 percent.In fact, 16 of the 20 cities analyzed posted gains, with Detroit, Las Vegas and Tampa, Florida recording declines and Phoenix's market remaining steady.”We see some seasonal improvements with May's data,” said David M. Blitzer, chairman of the Index Committee at S&P Indices. “This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities.”On an unadjusted basis, 11 cities had lower property values in May, lead by Detroit at 3.4 percent and Tampa at 1.5 percent.A previous report from the Houston Association of Realtors showed inclines for the region's real estate sector during May. Overall, the average price for single-family Houston properties increased to $220,210 during the month – 6.5 percent higher than May 2010.Courtesy of 2M Realty News

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