U.S. home prices soared to new levels in May, rising 12.2 percent compared with May 2012 and rising 2.4 percent over April's numbers, according to the latest monthly report of the S&P/Case-Shiller Home Price Index.
"Home prices continue to strengthen," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. "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.
As of May 2013, average home prices across the United States are back to their spring 2004 levels. Measured from their June/July 2006 peaks, the peak-to-current decline is approximately 24 to 25 percent. The recovery from the March 2012 lows is 16.5 percent for the 20-city index.
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