Based on a survey conducted by the S&P/Case Shiller composite index of 20 metropolitan areas around the nation, for the third month in a row home prices for single-family homes rose 0.7 percent on a seasonally adjusted basis, beating economists' expectations of a 0.4 percent increase.
On another positive note, May posted the fastest pace of new home purchases in more than two years throughout the nation proving that the nations housing market is making slow but positive recovery.
According to the Commerce Department, single-family home sales increased by 7.6 percent in May to a seasonally adjusted annual rate of 369,000 units, which is the highest level since April 2010. Furthermore, new-home sales were up 19.8 percent compared with May 2010.
Despite the fact that the overall economy seems to be weakening, the housing market continues to improve.