Phoenix leads two-month home price rise

For the second straight month, home prices are up and Phoenix is leading the way.

The Standard & Poor’s/Case-Shiller index showed that Phoenix had the highest home price increase at 12 percent in the month of May.

Three years after the end of the, recession the housing market may finally be catching up.

“We’re seeing that now, but we’re also seeing annual rates of change improving and if we see that for the next couple of months, that may be a sign that the market’s finally bottomed,” said Maureen Maitland with S&P.

Home price gains in the slower fall buying months would confirm the market bottoming out.

“We’re not going to say that the housing market has truly turned around, probably until we see data from, perhaps, September and October,” said Maitland.

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