NEW YORK (Reuters) - U.S. single-family home prices rose less than expected on an annual basis in May, and were down from the prior month, a survey showed on Tuesday.
The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5.2 percent in May on a year-over-year basis, retreating from the 5.4 percent climb in the prior month and short of the estimate for a 5.5 percent increase from a Reuters poll of economists.
"Overall, housing is doing quite well," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
"In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains."
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Prices in the 20 cities fell 0.1 percent in May from April on a seasonally adjusted basis, the survey showed, matching expectations for a decline of 0.1 percent.
On a non-seasonally adjusted basis, prices increased 0.9 percent from April.
Home prices in three U.S. cities - Denver, Seattle and Portland, Oregon - showed the highest year-over-year gains, the survey showed.
(Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)