US home price index sees Dallas and Denver hit all-time highs

One US home price index has shown house prices have risen 12.2 per cent versus a year ago (release).

While slightly below estimates of a 12.4 per cent rise, that's still a huge increase.

The S&P/Case-Shiller home price index has yet again seen prices rise in every city in May.

All 20 cities showed positive monthly returns for May. Ten cities – Chicago, Denver, Detroit, Las
Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa – showed acceleration.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices:

Two cities set new highs, surpassing their pre-crisis levels and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event.