The cost of single-family dwellings rose for the fourth consecutive month in May, according to a leading index. The report may point to continued stabilization in the housing market, even as the job industry continues to stagnate. Article source:

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Watching home prices

The S&P/Case-Shiller index tracks home prices in 20 major U.S. cities. It compares home costs to those in January 2000 and produces a moving average over 90 days.

The economy might be recovering faster than expected considering the index showed an overall increase of 0.9 percent for May after seasonable adjustments. Economic experts only anticipated a 0.5 percent increase.

When adjusted for the season, there were 2.2 percent gains from April to May. Those two months both showed boosts after seven months of declining numbers.

All cities see increases

In Charlotte, Detroit and San Diego, the lowest gains were seen in the housing market, and the largest gains were seen in San Francisco, Chicago and Atlanta. About half of all homes are represented in the 20 markets, and overall there was an increase.

Standard & Poor's index committee chairman David Blitzer said, in an announcement:

"With May's data, we saw a continuing trend of rising home prices for the spring."

Just wait a little more

Waiting to see what happens in the future is the best option, according to Blitzer. This is because summer and spring prices are always higher than normal.

HIS Global Insight economist Michelle Valverde explained that there has been uneven growth in the last few months:

"The most likely scenario is that home prices will zigzag over the coming months, rising during the selling season, and slipping in the fall."

Less economy in housing

Since the Good Recession, the real estate industry commands a smaller share of the economy than it once did. It will take more than a stable real estate industry to drive any real recovery of the economy. However, today's Conference Board report of improved consumer confidence was another hopeful note.

The Labor Department is anticipated to release its labor report soon, and economic experts think that the report will have an increase in payrolls for the month.

A two-day meeting will be held by the Federal Reserve policy makers in order to determine the best way to help the economy bounce back still.

Sources

Yahoo Finance

CNBC

Daily Finance