Seasonally adjusted home prices fell 0.5% year-over-year in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Prices were down from a loss of 0.1% in April.
Before seasonal adjustment, however, home prices saw a gain of 1.2% from April and an annual gain of 0.7%.
“Home prices in the U.S. began to fall after June 2022, and May’s data bolster the case that the final month of the decline was January 2023,” S&P spokesperson Craig Lazzara stated. “Granted, the last four months’ price gains could be truncated by increases in mortgage rates or by general economic weakness. But the breadth and strength of May’s report are consistent with an optimistic view of future months.”
The seasonally adjusted 10-City Composite declined 1.0% in May, and the 20-City Composite fell 1.7%. Without seasonal adjustment, both composites posted gains of 1.5%.
The highest year-over-year gains were recorded in Chicago, Cleveland and New York, which reported home price increases of 4.6%, 3.9% and 3.5%, respectively.
The full report can be found here.
