Home Prices Rise for Second Consecutive Month

Washington, DC, July 26, 2011 -- Home prices in major U.S. cities rose for the second straight month in May, according to the Standard & Poor's/Case-Shiller home-price index released Tuesday.

The 20-city rose 1% in May from April. The index measures prices compared with those in January 2000.

However, the figures weren't adjusted for the buying that normally picks up in spring.

David M. Blitzer, chairman of S&P's index committee, said the rise in the index was due to a seasonal period of stronger demand for houses so the increases are "to be expected."

"Sustained increases in home prices over several months and better annual results need to be seen before we can confirm a real estate market recovery," he said. Over the last 12 months, prices have fallen in 19 of the 20 cities tracked.