Home Prices Rose 3.4% YOY in May, Says Case-Shiller
New York, NY, July 30, 2019-Home prices made a 3.4% annual gain in May, down from 3.5% 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 annual increase came in at 2.2%, down from 2.3% in the previous month. The 20-City Composite posted a 2.4% year-over-year gain, down from 2.5% in the previous month.
Las Vegas, Phoenix and Tampa reported the highest year-over-year gains among the 20 cities. In May, Las Vegas led the way with a 6.4% year-over-year price increase, followed by Phoenix with a 5.7% increase, and Tampa with a 5.1% increase. Seven of the 20 cities reported greater price increases in the year ending May 2019 versus the year ending April 2019.
Before seasonal adjustment, the National Index posted a month-over-month increase of 0.8% in May. The Ten-City Composite posted a 0.5% increase and the 20-City Composite reported a 0.6% increase for the month. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase in May. The Ten-City and the 20-City Composites both reported a 0.1% increase. In May, 19 of 20 cities reported increases before seasonal adjustment, while 13 of 20 cities reported increases after seasonal adjustment.