Home prices shot up in America’s largest cities in May, according to a closely watched home price index.
The Standard & Poor's/Case-Shiller index of 20 large U.S. cities, released Tuesday, rose 2.4% from April and 12.2% from May 2012.
San Francisco saw the largest year-over-year increase as prices jumped 24.5%. Las Vegas and Phoenix saw the next largest gains with prices rising 23.3% and 20.6%, respectiviely. In Los Angeles, prices rose 19.2%.
“Home prices continue to strengthen,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. Dallas and Denver “set new highs, surpassing their precrisis levels and five cities -- Atlanta, Chicago, San Diego, San Francisco and Seattle -- posted monthly gains of over three percent, also a first time event.”