July 30 - Home prices rose 12.2 percent year over year in May- the most since 2006 according to the S&P Case-Shiller Home Price Index. Bobbi Rebell reports.
The Daily Digit is a 12.2% jump in home prices in May- the most since 2006, according to the S&P Case Shiller Home Price Index. On a month to month basis- sales were up 2.4 percent from April. But for all the improvement, as of May average home prices across the US are just back to their spring 2004 levels. The increase is being driven by still low borrowing costs, as well as tight inventories and an improving job market. Higher home prices mean better household finances- and that in turn can get consumers to spend more- helping the overall economy.