The Standard & Poor's/Case-Shiller home price index of 20 major cities increased 0.5 percent from April, but was still off 17.1 percent from May 2008’s figure. The increase is a positive indication that prices are stabilizing as this was the first month-over- month rise since July 2006.

The 10-city index increased 0.4 percent from April, but was down 16.8 percent in May last year.

It was the fourth straight month that both indexes did not register record year-over-year decline.

Thirteen among the 20 cities included in the 20-city index showed monthly increases with Cleveland posting the best result with a 4.1 percent gain. Dallas and Boston followed. In April, only eight of the cities showed improvement.

The city still with the biggest price decline was Las Vegas at 2.6 percent.

The 20-city index has lost more than 32 percent from its high three years ago, putting home prices back to mid-2003 levels.

The Case-Shiller indexes monitor repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded.