Several cities reached home prices not seen since before the economic downturn, and real estate records indicate that numbers have continued to increase throughout May.
According to the S&P/Case-Shiller Home Price Index, both the 10- and 20-City Composites were up from April, at a 2.5 percent and 2.4 percent increase, respectively. On an annual basis, the 10-City Composite was up 11.8 percent, while the 20-City one jumped 12.2 percent.
"Home prices continue to strengthen," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Two cities set new highs, surpassing their pre-crisis levels and five cities - Atlanta, Chicago, San Diego, San Francisco and Seattle - posted monthly gains of over three percent, also a first time event."
He added that the Southwest and the West recorded the best year-over-year gains, such as San Francisco at 24.5 percent and Phoenix at 20.6 percent. Overall, the West outperformed the East, but numbers were positive regardless.
In addition, stocks rose recently, but the upcoming Federal Reserve policy meeting has some worried about the direction of the economy and real estate, according to NBC News. For the S&P 500, 67 percent exceeded revenue expectations. In the coming few days, though, activity might slow as the Fed's meeting approaches.
Potential changes from financial regulators could affect the housing market, and home prices might be altered.