United States' home prices increased at a slower pace in May, according to data through 2014 released by the S&P Dow Jones Indices.
In May the 10-City Composite increased 9.4 percent year-over-year and the 20-City Composite grew 9.3 percent, both rates are down from 10.9 percent and 10.8 percent returns reported in April. In the month of May, the composites rose 1.1 percent.
"Home prices rose at their slowest pace since February of last year," said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "The 10- and 20-City Composites posted just over 9 percent, well below expectations. Month-to-month, all cities are posting gains before seasonal adjustment; after seasonal adjustment 14 of 20 were lower."
Average home prices across the U.S. returned to their summer 2004 levels as of May 2014. Both composites remain 17-18 percent below their June/July 2006 peak.
