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More Buyers Boost Home Prices
By J.W. Elphinstone |
July 28, 2010, Wednesday
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Print Edition
Print Edition
HOME prices in the United States rose in May for the second straight month as federal tax incentives pulled more buyers into the market.
The Standard & Poor's/Case-Shiller 20-city home price index released yesterday posted a 1.3 percent increase in May from April.
Nineteen of 20 cities showed price gains month over month. San Diego posted its 13th straight monthly gain.
Only Las Vegas recorded a price decline. Home prices there have lost 56.4 percent of their value since peaking in August 2006.
Overall, the gains underscore the impact of the government's home-buying tax credits. Buyers rushed to purchase before the credits expired at the end of April. The index is an average of home sales in March, April and May.
The Standard & Poor's/Case-Shiller 20-city home price index released yesterday posted a 1.3 percent increase in May from April.
Nineteen of 20 cities showed price gains month over month. San Diego posted its 13th straight monthly gain.
Only Las Vegas recorded a price decline. Home prices there have lost 56.4 percent of their value since peaking in August 2006.
Overall, the gains underscore the impact of the government's home-buying tax credits. Buyers rushed to purchase before the credits expired at the end of April. The index is an average of home sales in March, April and May.
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