Help with this Camera Background Color Code

I want to make my camera background color turn red when I press space and five seconds later turn back to blue. It normally was just supposed to get red when I press space and It worked fine, but now I try to revert the color back to blue and It simply doesn’t work. Obviously I’m doing something wrong.
Here’s the code

using UnityEngine;
using System.Collections;

public class CameraBackGroundTest : MonoBehaviour
{
	private Color red = Color.red;
	private Color blue = Color.blue;
	Camera cam;

	void Start()
	{
		cam = GetComponent<Camera>();
	}

	IEnumerator Update()
	{
		if (Input.GetKeyUp ("space")) 
		{
			cam.backgroundColor = red;
			yield return new WaitForSeconds(5);
			cam.backgroundColor = blue;
		}
	}
}

Thanks for the help!

@MuffinMan101010
The Update() method is a unity method and has a signature with return type void. Try the following where you detect the space key in the Update() method, but use a coroutine to process the camera color.

     void Update()
     {
        if (Input.GetKeyUp("space"))
        {
            StartCoroutine(camBackColor());
        }
     }

    private IEnumerator camBackColor()
    {
        cam.backgroundColor = red;
        yield return new WaitForSeconds(5f);
        cam.backgroundColor = blue;
    }