U.S. single-family home prices were unchanged in May on a monthly basis and were revised to show an increase in April, though prices were still down compared to a year earlier, a closely watched survey said Tuesday.
The S&P/Case Shiller composite index of home prices in 20 metropolitan areas held steady on a seasonally adjusted basis and in line with economists’ expectations, according to a Reuters poll.
The index was revised to show a gain of 0.4 percent in April, which was originally reported as a decrease of 0.1 percent.
On a non-seasonally adjusted basis, the index rose 1 percent, the second month of gains in a row, the report said.
“This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement.
“The concern is that much of the monthly gains are only seasonal.”
Prices in the 20 cities fell 4.5 percent year-over-year, which was also in line with forecasts.
Reuters contributed to this report.
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