Houston area home prices likely increased in May

Rising home prices could benefit Houston homeowners.Homeowners in the Houston real estate market likely saw the value of their homes rise in May, with prices rising by the most since 2006.The Standard & Poor's/Case-Shiller Home Price Indices revealed increases for the 10- and 20-city composites of 2.5 percent and 2.4 percent, respectively. Dallas and Denver?surpassed?pre-recession highs.?”Home prices continue to strengthen,” said David Blitzer, chairman of the index committee at?S&P Dow Jones Indices. “Two cities set new highs, surpassing their pre-crisis levels and five cities -?Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent,?also a first time event.”Price gains aren't expected to stop in May. Anika Khan, senior economist at Wells Fargo Securities, told Bloomberg upward momentum should continue with historically low inventory levels.?Home price appreciation could help solve the inventory problem, as higher home values could push more homeowners to list their properties as they regain equity lost during and after the financial crisis.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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