Home Prices Rose 2.3% YOY in May, Says Case-Shiller

Washington, DC, July 29, 2025-Home prices rose 2.3% YOY in May, down from a 2.7% annual gain in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions. 

The Ten-City Composite saw an annual increase of 3.4%, down from a 4.1% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 2.8%, down from a 3.4% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.4% increase in May, followed by Chicago and Detroit with annual increases of 6.1% and 4.9%, respectively. Tampa posted the lowest return, falling 2.4%.

The pre-seasonally adjusted U.S. National Index saw slight upward trends in May, posting gains of 0.4%. The Ten-City Composite and 20-City Composite Indices both reported gains of 0.4%.

After seasonal adjustment, the U.S. National Index posted a decrease of -0.3%. Both the Ten-City Composite and the 20-City Composite Indices saw a -0.3% decrease, as well.

Says Truist, "The S&P/CoreLogic Case-Shiller 20-City Composite Home Price Index rose 0.4% month over month to 342.97 for the month of May, as the seasonal pricing ramp continued into the summer months and set a new high watermark. Note that we typically see some sequential declines in the back half of the year as this seasonality rolls off, and we will likely see this first in new and existing home sales results.”