US house prices rise in May, S&P says

(Sharecast News) - Home prices in the U.S. rose in May, led by gains in the largest cities, the results of a closely watched survey showed. In seasonally adjusted terms, S&P Case Shiller's National Home Price Index increased at a month-on-month clip of 0.7%.

Meantime, prices in the 10 largest cities were up 1.1% and in the 20 biggest by 1.0%.

Year-on-year the HPI fell by 0.5%, after a dip of 0.1% in April (Bank of America: -1.0%).

The price index for the 10 largest cities slowed its annual rate of decline to -1.0% from -1.1% and the index for houses in the 20 largest cities fell by 1.7%, the same as during the previous month.

Chicago, Cleveland and New York sported the biggest annual increases in prices, of 4.6%, 3.9% and 3.5%, respectively.

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