Home prices improved in May as reported in the S&P Case-Shiller Home Price Index showing vigorous spring sales attributed to homebuyer tax credits. Home prices were up 1.3 percent from April, and 4.6 percent compared to last years.

Although the increase in prices was a welcome development for the beleaguered housing market, S&P spokesman David Blitzer belittle the gain. "While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," he said. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level. The last seven months have basically been flat."

Home prices were at their highest in July 2006 and fell for 33 straight months before bottoming out in April 2009.

All but one of the 20 metro areas registered a price gain. Experiencing the decline was Las Vegas with a price fall of 0.5 percent in May.

Minneapolis had the largest rise with prices jumping 2.8 percent and was up 11.6 percent over the year.

San Francisco had the biggest year-over-year gain with 18.3 percent higher than May 2009. San Diego and Los Angeles have 12.4 9.7 percent increase respectively.