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Home prices up nationwide in May, report says

A sold sign in Port Jefferson Station. (June

A sold sign in Port Jefferson Station. (June 1, 2010) Photo Credit: Kevin P. Coughlin

Home prices 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 Tuesday posted a 1.3 percent increase in May from April.

Nineteen of 20 cities showed price gains month over month. Only Las Vegas recorded a price decline.  The index for the New York metropolitan area was up 8 percent, an improvement over the  minus 2 percent drop in the previous month.

Click here to read the full report.  

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 report also noted that May is typically a strong month for selling homes and that the price gains are unlikely to last through the year.

Nationally, prices have risen 5.1 percent from their April 2009 bottom. But they remain 29 percent below their July 2006 peak.

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