US home prices hit new record in May, but shows monthly slowdown

By Ovunc Kutlu

ISTANBUL (AA) - US home prices increased 1% in May on a monthly basis, climbing to a new record-high, according to a report released Tuesday by the S&P Dow Jones Indices (S&P DJI).

The S&P CoreLogic Case-Shiller index, which covers all nine US census divisions, posted a 5.9% annual increase in May, showing a slowdown from the 6.4% year-on-year gain in April.

"The 10-City Composite saw an annual increase of 7.7%, down from an 8.1% annual increase in the previous month," said the report.

"The 20-City Composite posted a year-over-year increase of 6.8%, dropping from a 7.3% increase in the previous month," it added.

New York reported the highest annual gain among the 20 American cities with a 9.4% increase in May, followed by San Diego and Las Vegas with gains of 9.1% and 8.6%, respectively.