The S&P/Case-Shiller National Composite Index rose modestly during May, lifting the year-over-year rate 4.4 percent. However, the 20-City Composite Index fell in May, but remains up 4.9 percent over the past year.
Single-Family Home Prices Nudge Slightly Higher
- U.S. home prices, as measured by the S&P Case-Shiller National Composite Index, eked out another modest gain during the month, rising 0.04 percent on a seasonally-adjusted basis. The national composite index now shows that prices are up 4.4 percent in May from a year earlier. In a separate report, the FHFA House Price Index, which reflects homes securitized by Fannie Mae or Freddie Mac, rose 5.7 percent year over year.
20-City Index Falters in May
- Across all key measures, home price appreciation has been stuck in a fairly narrow range of 4.0 percent to 8.0 percent for some time. However, the 20-City Index fell during the month, marking the second straight decline. On a market basis, cities like Chicago and San Francisco that are heavily weighted in the index, showed the largest declines during the month. We are also seeing declines in May markets where foreign buying had previously been slow.
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