31 minutes ago
Nick Ut / AP
In this Tuesday, June 11, 2013, photo, a single house is offered for sale in Santa Monica, Calif. Latest data show home prices rose in May.
U.S. single-family home prices rose in May, the biggest annual jump since 2006, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 1 percent on a seasonally adjusted basis, shy of economists' forecast for a 1.5 percent increase. That marked a slower pace from April's 1.7 percent rise.
(Click here to track the U.S. stock market in premarket trade following the report.)
On a non-adjusted basis, prices rose 2.4 percent.
Compared to May 2012, prices also fell short of expectations, rising 12.2 percent from a year earlier. Still, it was the biggest annual gain since March 2006, matching a record set in April.
The report was unlikely to alter economists' views that the housing sector continues to recover, making it a bright spot for the economy.
All 20 cities rose on a yearly basis, led by a 24.5 percent surge in San Francisco.
(Reuters contributed to this report)
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