This is achieved by exploiting the background attachment property on moving divs
to create an effect that causes the images to appear to change, while it is in fact two divs
simply scrolling up the screen.
Check out this CodePen for a demo: http://codepen.io/anon/pen/sCuvI/
The important parts:
HTML
<div class="content">
Lorem Ipsum
</div>
<div id="s1" class="scroll"></div>
<div class="content">
Lorem Ipsum
</div>
<div id="s2" class="scroll"></div>
CSS
.scroll
{
width: auto;
height: 200px;
/*The important part*/
background-attachment: fixed;
background: no-repeat center center fixed;
/*Stretch the background*/
-webkit-background-size: cover;
-moz-background-size: cover;
-ms-background-size: cover;
-o-background-size: cover;
background-size: cover;
}