Home prices growth continued to decelerate in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. According to the report, prices recorded a 2.3% annual gain in May, down from the 2.7% annual growth posted in April.
“May’s data continued the year’s slow unwind of price momentum, with annual gains narrowing for a fourth consecutive month,” says Nicholas Godec, head of fixed income tradeables and commodities at S&P Dow Jones Indices. “National home prices were just 2.3% higher than a year ago, the smallest increase since July 2023, and nearly all of that gain occurred in the most recent six months. The spring market lifted prices modestly, but not enough to suggest sustained acceleration.”
The 10-City Case-Shiller composite index posted an annual increase of 3.4%, down from a 4.1% annual increase in April. The 20-City composite index also experienced a deceleration, posting a 2.8% annual increase in May after a recording 3.4% annual growth in April.
“New York retained the top spot with a 7.4% annual gain, followed by Chicago (6.1%) and Detroit (4.9%), continuing the Midwest and Northeast leadership that has defined 2025,” Godec continues. “At the other end of the spectrum, Tampa declined 2.4% year over year, marking its seventh consecutive month of annual declines.”
Several western markets posted minimal or negative gains on a year over year basis, including Los Angeles (+1.1%), San Diego (+0.4%), Phoenix (+0.9%), and San Francisco (-0.9%).
On a month-over-month basis, the pre-seasonally adjusted national index posted a modest gain of 0.4% in May. The 10-City and 20-City composite indices both posted pre-seasonally adjusted monthly gains of 0.4%. After seasonal adjustment, the national, 10-City, and 20-City indices all posted declines of 0.3% compared to April.
rice“Only four cities—Cleveland, Minneapolis, Charlotte, and Tampa—showed month-over-month acceleration, pointing to waning momentum breadth even as most cities still registered nominal gains,” Godec says. “Seasonal momentum is proving weaker than usual, and the slowdown is now more than just a story of higher mortgage rates. It reflects a market recalibrating around tighter financial conditions, subdued transaction volumes, and increasingly local dynamics.”
