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US home Prices Surge At Record Pace, Up 17% In May, Fastest In 17 Years

Credit: AP Photo/Charles Krupa, File

From APnews.com….

Prices for U.S. homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17% in May from a year earlier on top of a 15% jump in April. The May increase was the biggest since August 2004.

The hottest markets were Phoenix (where prices surged 25.9%), San Diego (24.7%) and Seattle (23.4%). All 20 cities reported faster year-over-year growth in May than they did in April.

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