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State and Nation Business

U.S. home prices rise 12.2 percent, best in 6 years

WASHINGTON – U.S. home prices jumped 12.2 percent in May compared with a year ago, the biggest yearly gain since March 2006. The increase shows the housing recovery is strengthening.

The Standard & Poor's/Case-Shiller 20-city home price index also surged 2.4 percent in May from April, nearly matching the previous monthly gain of 2.6 percent — the highest on record.

The price increases were widespread with all 20 cities showing gains in May from April and compared with a year ago. Prices in Dallas and Denver reached the highest level on records dating back to 2000.

The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The May figures are the latest available.

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