U.S. Home Prices Increase by Most Since 2006

Bloomberg News reports that the S&P/Case-Shiller index of property values increased 12.2 in May in the 20 largest metropolitan areas of the U.S.

In San Diego County home prices were up 17% in May according to the San Diego Union-Tribune’s article about the Case-Shiller report.

In my day to day real estate activity I’m seeing an increased number of price reductions on current listings. Market times seems to be getting longer as properties aren’t selling immediately after being listed for more than the asking price. This is good news for the housing market. The market has been too hot.