Home Prices Rose 1.5% YOY in May, Says Case-Shiller

New York, NY August 25, 2026—The S&P Cotality Case-Shiller National Home Price Index posted a 1.5% annual gain, up from a 1.2% annual gain in May. “While home prices continue to decline in real terms, lower inflation and firmer nominal home price growth in June helped slow that pace of erosion,” said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices.

“For the fourth consecutive month, Chicago led all metros with a 6.9% annual increase in June,

followed by New York (4.8%) and Cleveland (4.1%),” Kaufman continued. “Meanwhile, Seattle recorded the largest annual decline at 2.0%, followed by Las Vegas (-1.9%) and Denver (-1.2%). This geographic divide reflects a years-long trend, with housing markets in the Northeast and Midwest regaining strength while many Western and Sunbelt markets soften.

“Seasonal factors continue to support monthly price growth. On a non-seasonally adjusted basis, both the U.S. National Index and the 20-City Composite gained 0.4% month over month in June. After seasonal adjustment, the U.S. National Index and the 20-City Composite gained 0.1% and 0.3% month over month in June, respectively. Because June typically falls near the peak of the homebuying season, price appreciation often moderates and market activity cools in the months ahead.

“The housing market remains under pressure, with 30-year mortgage rates holding near 6.5% in June,” Kaufman concluded. “As financing costs are kept high for prospective buyers, current homeowners remain reluctant to give up the low mortgage rates secured in prior years.”

The pre-seasonally adjusted U.S. National and 20-City Composite Indices recorded monthly gains of 0.4%, while the 10-City Composite Index posted a 0.5% gain.

After seasonal adjustment, the U.S. National, 10-City, and 20-City Composite Indices posted 0.1%, 0.3%, and 0.2% gains, respectively.