Data through May 2010, released today by Standard & Poor’s for its
S&P/Case-Shiller Home Price Indices have found growth rates in 15 of 20 cities improved in May compared to those reported in April 2010.

Also the 10- and 20-city composites have all improved in May compared to April. The 10-City Composite is up 5.4 percent and the 20-City Composite is up 4.6 percent from where they were in May of last year.

Though 19 cities reported positive monthly changes in May over April, only 12 saw better month-over-month rates in May.

“While May’s report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level. The two Composites have improved between 5 and 6 percent since then, but this is no better than the improvement they had registered as of October 2009. The last seven months have basically been flat.”