S&P/Case-Shiller Home Price Indices show increase in home prices

The latest S&P/Case-Shiller Home Prices Indices showed a second consecutive month of growth in home prices for both the 10- and 20-city composites. The composites showed increases of 1.1 percent for the 10-city and 1 percent for the 20-city composite from April to May.

Sixteen of the 20 cities reported an increase in home prices between April and May, while three showed a decline and Phoenix, Arizona, remained unchanged. From May 2010 to May 2011, however, Washington, D.C., reported an increase of 1.3 percent, while the remaining 19 cities showed a decline in home price. Minneapolis posted the largest drop in the past year with an 11.7 percent decrease.

Evers & Co. Real Estate recently reported that home prices in Washington, D.C., have experienced 14 consecutive months of average home price growth as of June 2011, due in part to low mortgage rates and a high inventory of low priced homes. Donna Evers, Evers and Co. Real Estate president, said this summer has shown strong numbers, even in comparison to last summer's numbers, which were affected by the First Time Homebuyers Tax Credit.  

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