May New York City home prices likely affected by #fff;backg

Home prices in the New York City metropolitan area have remained relatively flat, according to Standard & Poor’s May home price index. The region’s level on the index climbed .8 percent from April’s level, but declined .4 percent compared to May 2009. Nationwide, the 10- and 20-city indices showed more marked change, climbing 1.2 percent and 1.3 percent month-over-month, respectively. Compared to May 2009 levels, the 10-city composite climbed 5.4 percent and the 20-city composite climbed 4.6 percent. While the nationwide upward momentum is welcome news, David Blitzer, a managing director with S&P, said that the figures were likely influenced by the first-time homebuyer tax credit, which expired at the end of April. “We need to watch where the housing market will go after these temporary stimuli go away,” Blitzer said. TRD