Home prices had a 4.5% growth year-over-year in May, according to the S&P CoreLogic Case-Shiller Index.

The annual gain is down from 4.6% annual gains in April. 

“In contrast with the past eight months, May’s gains were less than April’s,” S&P Dow Jones Indices Spokesperson Craig Lazzara stated. “Although prices increased in May, in other words, they did so at a decelerating rate. We observed an analogous development at the city level: prices increased in all 19 cities for which we have data, but accelerated in only three of them.”

The 10-City Composite annual increase was 3.1%, while the 20-City Composite posted a 3.7% year-over-year increase.

Phoenix, Seattle and Tampa posted the highest year-over-year gains in May, growing 9.0%, 6.8% and 6.0%, respectively.

The full home price index report for May can be found here.