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US home prices rose 3.7% in May

Paul Wiseman
Associated Press

Washington – U.S. home prices grew more slowly in May, but continued to show resilience in the face of the coronavirus outbreak.

The S&P CoreLogic Case-Shiller 20-city home price index rose 3.7% in in May from a year earlier, a drop from a 3.9% increase in April and a smaller gain than economists had expected. Still, home prices have risen steadily despite the pandemic and lockdowns that have badly damaged the American economy.

In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. U.S. home prices grew more slowly in May, but continued to show resilience in the face of the coronavirus outbreak.

Phoenix led the way with a 9% annual gain in home prices, followed by Seattle (up 6.8%) and Tampa (up 6%). Chicago registered the smallest increase: 1.3%.

The 20-city index released Tuesday excluded prices from the Detroit metropolitan area index because of delays at the recording office in Wayne County, which includes Detroit.

The Case-Shiller index is composed of a three-month average of home prices, so this month’s data includes figures from March, April and May.