Home Prices Shoot Higher in May

New York, NY, July 30, 2013 -- Home prices accelerated higher in the largest U.S. cities in May, according to the Standard & Poor's/Case-Shiller index.

The index rose 2.4% from April and 12.2% from May 2012.

“Home prices continue to strengthen,”  David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a press release.

All cities tracked by the index recorded gains from April to May as well as over the year. Average home prices have returned to their spring 2004 level, according to Case-Shiller.