US home prices in May made the biggest leap in seven years.
The S&P/Case-Shiller index of home values rose 12.2 percent from May 2012, the largest annual gain since March 2006, according to a report released today.
All of the 20 cities measured in the index displayed an uptick in year-over-year prices. San Francisco and Las Vegas were the biggest winners, with 24.5 percent and 23.3 gains, respectively. New York had the smallest increase at 3.3 percent.
Property values in Dallas and Denver broke records in May, which is the first time any city has exceeded its peak before the recession. The previous home value record for Dallas was in June 2007, and the previous record for Denver was in August 2006.
Five cities — Atlanta, Chicago, San Diego, San Francisco and Seattle — also posted monthly gains of over 3 percent.
“The overall report points to some shifts among various markets,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. “Washington D.C. is no longer the standout leader and the eastern Sunbelt cities, Miami and Tampa, are lagging behind their western counterparts.”