A prominent national index tracking U.S. home prices broke through its previous record high in May, with the gauge registering the highest year-to-date increase in two years.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index jumped by 5.9 percent in May year over year, according to a July 30 report. The index measures changes in single-family home prices across nine U.S. census divisions. In May, the index value exceeded the earlier “all-time high” registered in April. Among the 20 tracked cities, New York saw the biggest gain, with home prices rising by 9.4 percent. This was followed by San Diego and Las Vegas. Portland saw the smallest increase for the month.
