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.