Hinting at another small victory for the housing market, Denver-based Integrated Asset Services, LLC (IAS) has reported a gain in national home prices of 1.6 percent during the month of May. The company released its IAS360 House Price Index (HPI) recently, which showed an increase in property values in all four U.S. census regions.
Following a small gain in April, May represents the largest one-month increase in the IAS360 HPI since July of 2005. The index had previously fallen more than 19 percent from its high-water mark in June of 2007, and is still down 10.5 percent compared to May 2008. Regionally, the Northeast led the way with a jump in home prices of 3.2 percent. The Midwest reported a positive return of 1.9 percent, the South gained 1.1 percent, and in the West home prices rose 0.9 percent.