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NEW YORK CITY-The 10-city and 20-city S&P/Case-Shiller Home Price Indices posted their best year-over-year gains in more than seven years, S&P Dow Jones Indices said Tuesday. The results for May showed an 11.8% Y-O-Y gain for the 10-city index and 12.2% for the 20-city, the largest improvements in annual returns since March 2006. Prices for single- and multifamily homes across the US are now back at spring 2004 levels.

“Home prices continue to strengthen,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Two cities”—Dallas and Denver—“set new highs, surpassing their pre-crisis levels, and five cities—Atlanta, Chicago, San Diego, San Francisco and Seattle—posted monthly gains of over 3%, also a first-time event.”

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