Abilene
85° F
Clear
Clear
Brownwood
82° F
Scattered Clouds
Scattered Clouds
San Angelo
84° F
Clear
Clear
Advertisement

US home prices rise 12.2 percent, best in 6 years

Published On: Jul 30 2013 08:34:46 AM CDT
Updated On: Jul 30 2013 08:37:05 AM CDT

WASHINGTON (AP) -

U.S. home prices jumped 12.2 percent in May compared with a year ago, the biggest yearly gain since March 2006. The increase shows the housing recovery is strengthening.
    
The Standard & Poor's/Case-Shiller 20-city home price index also surged 2.4 percent in May from April, nearly matching the previous monthly gain of 2.6 percent - the highest on record.
    
The price increases were widespread with all 20 cities showing gains in May from April and compared with a year ago. Prices in Dallas and Denver reached the highest level on records dating back to 2000.
    
The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The May figures are the latest available.