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Home prices extended a winning streak of year-over-year gains and two cities surpassed their prefinancial crisis peaks, according to the S&P/Case-Shiller indexes. The composite 20-city home price index, a key gauge of U.S. home prices, was up 12.2% in May from a year earlier. All 20 cities have posted year-over-year gains for five straight months. Dallas and Denver both reached levels not seen since before the recession hit in December 2007. Prices in the 20-city index were 2.4% higher than the prior month. Adjusted for seasonal variations, which reflect a traditional stronger spring selling season, prices were 1% higher month-over-month. Even as mortgage rates rise, many economists expect price gains to continue, though they may moderate. [Read this article]
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