Home prices post highest annual gain since March 2006

Home prices continued to zoom upwards in May, according to the latest S&P/Case-Shiller Home Price Indices.

Amid the national price gain, Dallas and Denver home prices surpassed their housing-boom peaks, marking the first time that any city has hit an all-time high since the housing bust.

Prices jumped by 2.5 and 2.4 percent, respectively, on a monthly basis in May, according to the Case-Shiller 10- and 20-city composites indices.

On a year-over-year basis, the 10- and 20-city composites were up a respective 11.8 and 12.2 percent. Source: S&P Dow Jones