Key Points:

  • The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 0.5% in the year that ended in May, down further from the 0.1% decline in the previous month.
  • Before seasonal adjustment, the U.S. National Index posted a 1.2% month-over-month increase in May, while the 10-City and 20-City Composites both posted increases of 1.5%.
  • The 20-City Composite posted a -1.7% year-over-year decline, the same reading as the previous month.
  • The 10-City Composite posted a -1.0% year-over-year decline, up from -1.1% in the previous month.
  • Chicago reported the highest gains among the 20 cities in May with a 4.6% year-over-year price increase, followed by Cleveland with a 3.9% increase, and New York with an 3.5% increase.
  • There was an even split of 10 of 20 cities reporting lower prices in the year ending May 2023 versus the year ending April 2023.
  • The Right Facts will continue to monitor home prices.