This is a breaking news story. Please check back for updates.
U.S. single-family home prices rose more than expected in May, though the pace of monthly increases showed definite signs of slowing, a closely watched survey said on Tuesday.
The S&P/Case-Shiller composite index of 20 metropolitan areas increased 1.1 percent in May on a seasonally adjusted basis. A Reuters poll of economists forecast a gain of 0.3 percent, following a rise of 0.2 percent in April.
All cities reported month-over-month price increases, with nine cities-Charlotte, Cleveland, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, and Tampa-showing larger increases in May than in April.
Charlotte posted its largest monthly gain since April 2013 while Minneapolis, New York, and Tampa logged their highest price gains since August 2013.
New York showed the most improvement, up 1.0% in May following an anemic 0.1% increase the previous month. Boston prices were up 1.1% in May, slowing from its 2.9% increase a month earlier.
Detroit remains the only city below its January 2000 value.
"Home prices rose at their slowest pace since February of last year," David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. "The 10- and 20-city composites posted just over 9 percent, well below expectations. Month-to-month, all cities are posting gains before seasonal adjustment; after seasonal adjustment 14 of 20 were lower."
Click here for the market reaction.