Though Still Elevated, Home Prices Beginning to Decline

New York, NY, July 30, 2024--The May 2024 S&P CoreLogic Case-Shiller Indices show that home prices' upward trend continued to decelerate in May. The 5.9% annual gain for May was down from a 6.4% annual gain in the previous month.

The 10-City Composite saw an annual increase of 7.7%, down from an 8.1% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 6.8%, dropping from a 7.3% increase in the previous month.

New York reported the highest annual gain among the 20 cities, with a 9.4% increase in May, followed by San Diego and Las Vegas, with increases of 9.1% and 8.6%, respectively. Portland, Oregon once again held the lowest rank for the smallest year-over-year growth, notching
a 1.0% annual increase in May.

The leading measure of U.S. home prices, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index covers all nine U.S. census divisions.