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May U.S. home prices jumped; Dallas, Denver at record, according to big city real estate tracking for May sales.

U.S. home prices continued to accelerate in May, with Dallas and Denver reaching record levels, according to data released Tuesday by the private research firm, S&P/Case-Shiller. Wall Street loves this index, but it’s a weak indicator in my view, primarily because it lags reality by two months. Furthermore, it’s methodology only allows it to track big-city markets since it depends on sales of exactly the same house, with no remodeling.

Still, the results from S&P/Case-Shiller released this morning are consistent with data reported here a month or more ago for May. Prices and volume of home sales were up in May. Turns out, June was not so good (though still up from last year) and July may be worse (but probably still better than 2012).

Here’s the latest Flagstaff home sales report.

To buy or sell any Flagstaff home, please contact us: Flagstaff Elite Team at RE/MAX Peak Properties.