Home prices aren't done with their historic run-up yet, hitting new post-recession highs in May, according to a S&P/Case-Shiller Home Price Index report (link opens a PDF) released today.
After increasing a revised 2.6% for April, the index's 20-city composite added another 2.4% onto its average price tag, 0.4 percentage points above analyst estimates. Average home prices are currently hovering around their spring 2004 levels.
All 20 cities included in the comparison recorded price gains for May. Chicago led the nation with a 3.7% monthly growth rate, while Charlotte and Cleveland tied for slowest advancement at 1.2%.
"Home prices continue to strengthen," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement today. "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."
For the 12 months ending in May, the 10- and 20-city composites are up 11.8% and 12.%, respectively .