US house prices rise at record pace for third month in a row

US house prices rose at a record-breaking pace for a third straight month in May, according to S&P Core Logic Case-Shiller.

House prices climbed 5.9% year-on-year in May, pushing the index to an all-time high for the third time in a row. However, the annual rate of increase slowed down from the prior month's 6.4% clip, seemingly indicating that the housing market's rally may be losing steam.

The 20-city home price index increased by 6.8% year-on-year and the ten-city index rose by 7.7%, down from 7.3% and 8.1%, respectively. New York City posted the highest gain among the cities.

Reporting by Iain Gilbert at Sharecast.com