CSBJ Daily

The S&P/Case-Shiller home price index for May declined 15.8 percent from the year earlier. The index surveys home prices in 20 major metropolitan areas, including Denver.

Every city on the index showed year-to-year declines, led by Miami and Las Vegas, which each experienced price drops of 28 percent from May of 2007. Thirteen of the twenty cities also experienced month-to-month declines, again led by Las Vegas and Miami.

The Denver housing market, however, showed signs of recovery. For the second straight month, prices rose on a month-to-month basis. The May index value stood at 129.72, up from April’s 128.49 and 127.43 during March. At its present value, the index is virtually identical to its level four years earlier, when it stood at 129.12.