Data

The price of a new single-family home dropped 3.2 percent in May, but sales increased 2.1 percent to 476,000, the highest level in almost five years.

Home prices posted their strongest monthly gain on record in April, increasing more than 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday. Overall, the 10-city index rose to 165.63, its highest level since November 2008, while the 20-city index improved to 152.37, also the highest level since November 2008. Of the 20 cities surveyed, Detroit was the only area not to show an increase in April. The April index of Detroit home prices read 81.28, barely down from 81.30 reported in April.

While the current pace of price appreciation may not sustain itself for much longer, Capital Economics maintains a deceleration in price gains does not mean an end to the housing recovery.

A recent survey by Zillow Digs found 60 percent of respondents have some kind of plan in the works for a home improvement project this summer. The median budget for homeowners who are planning projects was $1,200, though owners with children and those 54 years of age and younger plan to spend a bit more, with a median of $1,500. To get ideas for projects, online sources were the most frequently utilized, with 37 percent turning to the web for inspiration.

Auction.com received recognition at the 11th Annual American Business Awards for its advances in the way buyers, sellers, and agents transact residential real estate.

GMH Mortgage Services, a nationally recognized mortgage banker headquartered in Newtown Square, Pennsylvania, announced three new additions to its management team.

Fitch Ratings noted that while a deficit in workers may not lead to "disastrous national numbers for housing," it may put a damper on the recovery.

Lender Processing Services' (LPS) Home Price Index (HPI) continued to climb in April, the company revealed. According to LPS' monthly report, the index rose 1.5 percent from March to a value of $217,000. Year-over-year, the index increased 8.1 percent from $201,000. Year-to-date, prices were up 4.5 percent as of April 30. The states reporting the biggest HPI increases were California (2.6 percent), Nevada (2.3 percent), Oregon (2.1 percent), Washington (2.0 percent), and Illinois (1.9 percent, the same as Michigan).

Total Mortgage Services, a leading mortgage lender headquartered in Milford, Connecticut, announced the expansion of its mortgage lending services with the opening of a new branch in Fairfield.

An increase in prices itself does not signal a bubble. An unsustainable increase, not supported by other data, however, would.